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Proxy Contest Ends with May 10 Special Meeting Cancellation as Dissidents Obtain Negligible Shareholder Support
Proxy Contest Ends with May 10 Special Meeting Cancellation as Dissidents Obtain Negligibl...
About this update from Taseko Mines Limited
[{"type":"text","content":"\n\n\n\nProxy Contest Ends with May 10 Special Meeting Cancellation as Dissidents Obtain Negligible Shareholder Support\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nProxy Contest Ends with May 10 Special Meeting Cancellation as Dissidents Obtain Negligible Shareholder Support\nCanada NewsWire\nVANCOUVER, May 9, 2016\n\n\n\nVANCOUVER, May 9, 2016 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) (\"Taseko\" or the \"Company\") today confirmed cancellation of a scheduled special meeting of shareholders set for May 10, 2016 after dissident shareholder Raging River Capital LP (\"RRC\") publicly withdrew its meeting requisition on May 6, 2016 citing inadequate shareholder support. \n\nStrong Shareholder Support for Taseko's Current Board\n\nThroughout the proxy contest RRC claimed \"overwhelming\" support from shareholders. In the end, these claims like many other statements made by RRC, turned out to be false. The voting results show RRC gave up its fight for control of Taseko for one reason only: it had to; RRC had negligible and declining shareholder support. \n\nAs of the announced proxy cut off time of 10:00 am Pacific on May 6, 2016, well over 50% of Taseko shareholders voted the yellow proxy, with over 94% of the shares voted against RRC's proposals. Taseko shareholders quickly saw through RRC, as did independent proxy advisors Glass Lewis & Co. and ISS, which both recommended voting against RRC. The only shareholder who had publicly supported RRC announced on May 4, 2016 that upon further review it would no longer support RRC. \n\nProxy Contest Costs and Damage\n\nUnfortunately RRC's attack has been expensive for Taseko shareholders. Taseko expects the defense costs for the RRC initiated lawsuit, regulatory complaint and proxy contest itself to be approximately $4.5 million. Taseko will work hard to reverse the additional reputational and goodwill harm RRC sought to inflict. \n\nHad RRC been willing to engage with Taseko at the outset, it is possible these needless costs and distractions could have been avoided.  RRC claims that it preferred engagemen...