TSX-V Trade Symbol: WEL
WINNIPEG, April 12 /CNW/ - Wildcat Exploration Ltd. announced today that the Special Meeting of Shareholders, scheduled to commence at 10:00 a.m. today, Thursday, April 12, has been adjourned until further notice.
The adjournment is a result of a Manitoba court order sought by, and granted to, the dissident shareholders yesterday, Wednesday, April 11. The hearing was held without notice to Wildcat and Wildcat was not provided with an opportunity to be represented at the hearing.
Wildcat management is considering the order of the Manitoba court and as contemplated by the order, will appear in court requesting variations to the order. The Company will keep shareholders informed by the issuance of news releases.
The dissident shareholders sought the court order after the deadline had passed for the filing of proxies for the Special Meeting. One of the dissidents claimed he was unable to submit one of his proxies in time to meet the deadline of 10:00 a.m. (Central time) on April 10, 2007. This proxy deadline was disclosed in the Notice of Special Meeting of Shareholders, the Management Information Circular of the Company and in the Company's form of proxy, all of which were filed on SEDAR on March 12, 2007 and mailed to shareholders on March 13, 2007.
An earlier proxy deadline of 5:00 p.m. (Central time) on April 9, 2007 was also set by the dissident shareholders in the dissident circular and form of proxy, which were filed on SEDAR on March 23, 2007. The dissident shareholders reiterated this deadline in a news release, filed on SEDAR on April 4, 2007.
The Special Meeting of Shareholders was requisitioned by Yes Forex and Mr. Prizant, the former President and CEO of Wildcat. The dissidents sought to remove the existing Board of Directors of Wildcat and replace them with directors nominated by the dissidents.
"We're disappointed that shareholders were denied their right to speak and vote at the meeting by the dissidents' last-minute legal manoeuvres," said Jerrold Siemens, Chairman and Interim Chief Executive Officer of Wildcat. "It is the shareholders who continue to pay the price for the dissidents' actions and their inability to organize their affairs within the previously disclosed rules of the meeting. They had a month to vote their shares and to ask for a change to the Chair of the meeting, but did nothing until after the proxy deadline had passed."
"The Board will continue to focus on moving the Company forward while protecting the rights and value of the Company for its shareholders. We remain confident that, when the meeting is finally held, shareholders will reject the dissidents' efforts to seize control of Wildcat," Mr. Siemens said.
About Wildcat Exploration Ltd.
Wildcat is a Winnipeg-based mineral exploration company actively exploring for gold and base metals in Canada. For further information on the company, please visit our website at www.wildcat.ca or contact us at info@wildcat.ca.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
%SEDAR: 00014885E