Sherritt calls latest major shareholder efforts to push for earlier shareholder meeting 'inappropriate'
In response to its major shareholder Kyma Capital calling for a special meeting of shareholders on September 29, TSX-listed Sherritt International Corporation says Kyma is not entitled to call a meeting of the company's shareholders, adding that is "inappropriate" and "invalid" given the company's set date of December 15 for a combined yearly and requisitioned special meeting.
Sherritt says it is evaluating all appropriate action to be taken in response to Kyma's announcement, given that Kyma is seeking to initiate court proceedings against Sherritt to try and force a meeting date in September.
The company reiterates that the December meeting was informed by, among other considerations, the company's ongoing discussions regarding a potential transaction with Gillon Capital to recapitalise the company amid financial and operational struggles at the company's nickel and cobalt mining and refining operations in Cuba and Alberta, as a result of US sanctions against Cuba.
"The ongoing and increasingly aggressive public attacks by Kyma against Sherritt have the potential to jeopardise the very important initiatives underway to navigate the significant challenges that Sherritt is currently facing," the company states.
Kyma says in its statement issued on August 18 that it called for the September shareholder meeting pursuant to its right under Section 143 of the Canada Business Corporations Act as a result of the failure of Sherritt's board of directors to properly address Kyma's requisition in July for a shareholders' meeting.
Kyma intends to seek relief from the Ontario Superior Court of Justice, including a declaration that the shareholder meeting be validly called for September 29.
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