MONCTON, NB, Aug. 21 /CNW/ - Major Drilling Group International Inc. (TSX:MDI) (the "Corporation") confirms that its Annual and Special Meeting of Shareholders (the "Meeting") will be held on September 11, 2007, at 11:00 a.m. at The Ontario Club, Austin Gallery, 1 King Street West, 12th Floor, Toronto, Ontario.
Further to the distribution to shareholders of its Management Proxy Circular (the "Circular") in relation to the Meeting, the Corporation has been involved in discussions with, and has received certain suggestions from Institutional Shareholder Services Canada ("ISS"), a leading proxy advisory firm, regarding its stock option plan (the "Plan") and the resolution contained in the Circular approving certain amendments thereto. As a result of these discussions:
- the Corporation has confirmed that it will limit non-employee
directors, as a group, to stock options representing no more than
1.5 percent of the outstanding Major Drilling common shares at any
given time;
- the Corporation has also confirmed that it will seek shareholder
approval to further amend its stock option plan, at its next annual
meeting (2008):
- to require shareholder approval for any future amendment which
would permit equity based awards granted under the stock option
plan to be transferable or assignable other than for normal estate
settlement purposes;
- and/or to amend the limits on non-employee participation in the
stock option plan.
On this basis ISS has confirmed that it is recommending that shareholders vote for the proposed resolution approving amendments to the Plan. ISS is also recommending that shareholders vote for the other resolutions set forth in the Circular, including for the ratification and confirmation of the Corporation's recently adopted shareholder rights plan.
Based in Moncton, New Brunswick, Major Drilling Group International Inc. is one of the world's largest metals and minerals contract drilling service companies. To support its customers' mining operations and mineral exploration activities, Major Drilling maintains operations in Canada, the United States, Mexico, South and Central America, Australia, Indonesia, Africa and Mongolia.