finanzen.net
22.09.2018 05:36
Bewerten
(0)

Concerned Shareholder Nominees Announce Overwhelming Support for Change, Management Refuses to Cooperate on Meeting Protocol

DRUCKEN

VANCOUVER, Sept. 21, 2018 /CNW/ - Concerned shareholders, Kulwant Malhi and BullRun Capital Inc. (the "Concerned Shareholders") of GrowMax Resources Corp. (the "Corporation" or "GrowMax") (GRO:TSX.V) are pleased to announce overwhelming support for change at the upcoming special and annual meeting (the "Meeting") of GrowMax shareholders ("Shareholders") scheduled for 10:00 a.m. (Calgary Time) on September 25, 2018.

As of the cut-off today, the Concerned Shareholders are pleased to announce that they have deposited all YELLOW proxies received with the Corporation and that the number of Shareholders who delivered proxies in support of the Concerned Shareholders is greater than the "over 32%" purported number disclosed in GrowMax's information circular as supporting the incumbent board. The Concerned Shareholders thank Shareholders for their support.

Management Refuses to Cooperate on Meeting Protocol and Desperate Tactics

The Concerned Shareholders requested, well in advance of the Meeting, that in the interests of fairness and transparency to Shareholders, current GrowMax management ("Management") agree to a number of protocols and procedures for the Meeting, including:

  • the opportunity to inspect proxies before the Meeting;
  • a request for an agenda for the Meeting outlining the proposed activities with respect to ballots and voting procedures, as well as a copy of the ballots to be used at the Meeting;
  • the opportunity to be informed of any proposed determinations by the chair of the meeting (the "Chairman") with respect to the acceptability or non-acceptability of any proxies for voting at the Meeting; and
  • most importantly Management's cooperation in appointing a mutually acceptable independent Chairman to preside over the Meeting.

In a letter  to the Concerned Shareholders legal counsel dated September 18, 2018, GrowMax's legal counsel refused to acknowledge and ignored almost all of the Concerned Shareholders' requests for cooperation.

Even more concerning is the fact that Management and their proxy advisory firm, are continuing to solicit proxies, without any public announcement of an extension of the proxy voting deadline. The Concerned Shareholders observe that with the passing of the proxy cut-off date, any voting after the deadline could lead to the proxy not being counted unless Management, in their sole discretion decides to waive the cut-off.

Management's unscrupulous attempt to solicit votes without announcing any extension to the voting deadline is consistent with their clear distaste for good corporate governance.  Management's track record of poor governance includes, but is not limited to:

  • awarding excessive salaries to directors and officers for poor performance;
  • failing to disclose the PrimaSea transaction in accordance with Canadian securities law;
  • proposing to enter into a transaction that would see directors and officers holding nearly 60% of the Corporation's outstanding shares; and
  • attempting to adopt an advance notice by-law that gives the Corporation the sole discretion to dismiss any potential shareholder nominees.

Management's latest attempt to further entrench themselves and the current board of directors should come as no surprise to Shareholders. 

Revoke the Blue Proxy, Vote the Yellow Proxy

The Concerned Shareholders encourage all Shareholders who voted a blue proxy to REVOKE THEIR BLUE PROXY before 10:00 a.m. (Calgary Time)  on September 25, 2018. Although the proxy voting deadline has passed, you can still withdraw your support for Management by revoking your earlier submitted blue proxy.

More information is available at www.laurelhill.ca/abetter-growmax. By REVOKING YOUR BLUE PROXY you will be WITHDRAWING your support for:

  • a highly-dilutive transaction that will result in the handover of nearly 60% of your company to GrowMax directors and officers;
  • the re-election of a board that has destroyed shareholder value in favour of their own self-interest;
  • the adoption of a new equity incentive plan that will further increase the shareholdings of directors and officers and further dilute your interest in the Corporation;
  • the adoption of an advance notice by-law that gives the board of directors the sole discretion to dismiss your shareholder nominees; and

REVOKE YOUR BLUE PROXY and support the new Concerned Shareholder nominees who will rejuvenate the GrowMax board of directors and take the Corporation in a new direction that will eliminate wasteful spending and maximize shareholder value.

Shareholders who have not voted as of yet and want to support the Concerned Shareholders, can still vote using the YELLOW proxy which may be accepted in the event that management waives the cut-off.

SOURCE BullRun Capital Inc.

+ 13,1 % pro Jahr

Der Finanz­mathematiker Michael Schnoor forscht seit mehr als 20 Jahren daran, wie sich Risiken reduzieren und Renditen steigern lassen. Im Online-Seminar erklärt er, wie es funktioniert.
Hier kostenlos anmelden
Anzeige
Anzeige
Börse Stuttgart Anlegerclub

Fünf deutsche Internet-Aktien, die Sie kennen sollten!

Das Gute liegt oft so nah. Heimische Internet-Unternehmen rollen den Markt auf. Im neuen Anlegermagazin erwartet Sie ein Special über deutsche Internet-Aktien, die Sie kennen sollten.
Kostenfrei registrieren und lesen!

Heute im Fokus

DAX schließt mit kräftigen Aufschlägen -- Wall Street im Plus -- Netflix übertrifft Erwartungen -- Richter stimmt Einigung zwischen Tesla-Chef und SEC zu -- Volkswagen, Merck im Fokus

Morgan Stanley und Goldman Sachs mit Gewinnplus. METRO baut Online-Angebot für unabhängige Gastronomie aus. Walmart senkt Jahresprognose. BMW und Daimler machen Zugeständnisse bei Carsharing-Fusion. Investor Cevian will bei thyssenkrupp keine Ruhe geben. US-Industrie steigert Produktion zum vierten Mal in Serie. ZEW-Index stürzt ab. Talanx kappt Gewinnziel.

Die 5 beliebtesten Top-Rankings

Die lebenswertesten Städte 2018
In welcher Stadt ist die Lebensqualität am höchsten?
Deutschlands wohlhabendste Selfmade-Milliardäre
Das sind die reichsten Selfmade-Milliardäre in Deutschland
Die Dauerkartenpreise der Fußball-Bundesliga 2018/2019
Wo gibt es die günstigsten Dauerkarten?
So viel verdienen die reichsten Amerikaner pro Stunde
Wer ist an der Spitze?
Das sind die kreativsten Unternehmen der Welt
Welcher Global Player ist vorne mit dabei?
mehr Top Rankings

Umfrage

Glauben Sie, dass Angela Merkel Anfang Dezember auf dem Parteitag der CDU als Parteichefin wiedergewählt wird?

Online Brokerage über finanzen.net

Das Beste aus zwei Welten: Handeln Sie für nur 5 Euro Orderprovision* pro Trade unmittelbar aus der Informationswelt von finanzen.net!
Zur klassischen Ansicht wechseln
Kontakt - Impressum - Werben - Pressemehr anzeigen
Top News
Beliebte Suchen
DAX 30
Öl
Euro US-Dollar
Bitcoin
Goldpreis
Meistgesucht
Netflix Inc.552484
Lufthansa AG823212
Aurora Cannabis IncA12GS7
Deutsche Bank AG514000
Amazon906866
TeslaA1CX3T
Apple Inc.865985
Daimler AG710000
Wirecard AG747206
Scout24 AGA12DM8
BVB (Borussia Dortmund)549309
EVOTEC AG566480
BASFBASF11
Steinhoff International N.V.A14XB9
CommerzbankCBK100