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Wesdome Gold Mines Responds to a Press Release Issued by Resolute Performance Fund
Wesdome Gold Mines Responds to a Press Release Issued by Resolute Performance Fund ...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\nWesdome Gold Mines Responds to a Press Release Issued by Resolute Performance Fund\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\nWesdome Gold Mines Responds to a Press Release Issued by Resolute Performance Fund\nCanada NewsWire\nTORONTO, May 16, 2016\n\n\n\nTSX:WDO \n\n\n\nTORONTO, May 16, 2016 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) (\"Wesdome\" or the \"Company\") today responds to a press release issued by Resolute Performance Fund, an investment fund managed by Resolute Funds Limited (\"Resolute\"). \n\nEarly this morning, one day prior to the Annual Meeting of Shareholders, the Board of Directors of Wesdome received a letter from Resolute detailing concerns with operations and management of the Company and the proposed slate of directors. Subsequently, a press release was issued by Resolute. The slate of directors outlined in the Management Information Circular dated April 1, 2016, includes three new nominees with extensive experience in mining operations, mining company management, technical expertise, and capital markets. There were no objections to the slate by Resolute until today. As well, the two existing directors that Resolute indicated it supports make up 2/3rds of the Governance and Nominating Committee, which recommended these three new director candidates, plus the other five current directors. \n\nIn 2013, Resolute instituted with the Company, a reconstitution of board and management. The current board and management have created significant value for all of the Company's shareholders, including Resolute. Wesdome's shares have appreciated approximately 40% on a one year basis, 100% on a two-year basis, and 250% on a three year basis. The Company has been developing a management succession plan and has taken corrective action to improve operations, as communicated in its press release dated May 11, 2016. In the best interest of all its shareholders, management believes the Company should continue with this strategy. \n\nIn response to Resolute's concerns, the Board today unanimously created a Special Committee for the purpose of report...