KYMA CAPITAL: THE CAST HAS BARELY CHANGED, AND NEITHER HAS SHERRITT'S PLAYBOOK

About this update from Sherritt International Corporation

Sherritt's largest economic stakeholder calls the December AGM "choreography", demands full disclosure of transaction-related incentives and confirms its intention to seek Dr. Peter Hancock's removal LONDON and TORONTO, July 20, 2026 /CNW/ -- Kyma Capital Limited ("Kyma"), a long-term stakeholder in Sherritt International Corporation ("Sherritt" or the "Company"), today responded to recent public statements by Sherritt and the Ad Hoc Group of the Company's outstanding notes. Kyma owns approximately one-third of Sherritt's outstanding notes and approximately 15% of its common shares. To Kyma's knowledge, no other stakeholder has a greater current economic interest across Sherritt's capital structure. Kyma has held a non-controlling interest in Sherritt for more than five years and has supported the Company through several periods of significant financial and operational difficulty. On Friday, July 10, 2026, Kyma wrote to Sherritt's Board raising serious concerns about the Board's conduct, including the decision by the Board to enter into a four-month exclusivity agreement with Gillon Capital prior to running a proper marketing process that restricts the Board from considering other potentially superior proposals, and confirming Kyma's intention to requisition a special meeting of the Company's shareholders to remove Dr. Hancock and the one other existing director on the Board and elect two independent replacement directors. Following the receipt of that letter, on Monday, July 13, 2026, Sherritt announced that its annual meeting would be held on December 15, 2026, a transparent and amateurish ploy by the Board and its advisors to rely on a technical rule to deny Kyma the ability to requisition a meeting sooner. The Company said the meeting date follows the anticipated October 12 expiry of its Gillon exclusivity and would permit a Gillon transaction or another deal negotiated afterward to be presented to stakeholders. Akshay Shah, Kyma's Chief Investment Officer, said: "Delay is a decision. A meeting scheduled after exclusivity expires is not accountability. It is choreography. Well-governed and well-advised boards that are seeking to act in the best interests of all stakeholders do not behave in this way." "Sherritt wants the process controlled by Dr. Hancock and the existing Board to run through its decisive period first, with shareholders permitted to vo...

View stock analysis, news, and events for Sherritt International Corporation