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WGI Heavy Minerals Board Advises Shareholders To Reject Dissident Shareholder Proposal
www.wgiheavyminerals.com COEUR D'ALENE, ID, June 13 /CNW/ - The Board of Directors of WGI Heavy M...
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\nwww.wgiheavyminerals.com\n\n\nCOEUR D'ALENE, ID, June 13 /CNW/ - The Board of Directors of WGI Heavy\nMinerals, Incorporated (TSX: WG) today recommended that shareholders vote to\nsupport the Company's nominees to the Board at WGI's Annual Meeting scheduled\nfor June 25, 2008.\n\n\nIn a letter being delivered to all WGI shareholders, the Board advised\nthem to reject the slate of nominees proposed by dissident shareholder\nPassport Capital LLC since the proposals made by the dissident are not in the\nbest interests of all the Company's shareholders.\n\n\nBecause of the limited time before the Annual Meeting, the Board also\nrecommended that shareholders vote the WHITE proxy distributed with the letter\nissued today as soon as possible and prior to the final deadline for voting of\n10:00 AM Monday June 23, 2008.\n\n\nThe Board directs shareholders to please contact WGI's proxy solicitation\nagent:\n\n\n Georgeson\n\n North American Toll Free Number: 1-866-676-3029\n\n\nThe full text of the Board's letter to shareholders follows:\n\n\nJune 13, 2008\n\n\nDear WGI Shareholder:\n\n\nBy now, you may be aware of three recent and significant developments at\nyour Company.\n\n\nFirst, on June 3, 2008, Passport Capital LLC, ("Passport" or the\n"dissident shareholder") a significant shareholder of WGI, has issued a\ndissident proxy circular seeking support for a resolution which would remove\nthe Company's existing Board of Directors and replace it with Passport's own\nnominees. This question will be decided at the Company's Annual Meeting,\nscheduled for June 25 in Toronto. The answer will be crucial to the future of\nyour Company and your investment.\n\n\nSecond, on June 11 after extensive review and negotiations by a Special\nCommittee of independent Directors, WGI announced the sale of the Company's\ninterest in its underperforming operations in India, Transworld Garnet India\n(Pvt.) Limited ("TGI"). This sale removes a chronic drain on WGI's financial\nresults, provides a significant infusion of cash to the Company and, equally\nimportant, gives WGI the opportunity to continue as a major international\ndistributor of garnet, ilmenite and other industrial minerals.\n\n\nThird, at the same time, your Board announced that it intends to pay a\nspecial distribution of US$0.80 per share, subject to the ...