To All
***NEWS RELEASE***
LYTTON AND NEW INDIGO MEETINGS ADJOURNED LAWSUIT FILED AGAINST COMPANIES
LYTTON MINERALS LIMITED NEW INDIGO RESOURCES INC.
(TSE/VSE: LTL) (ASE: NDR)
TORONTO, June 30 /CNW/ - Lytton Minerals Limited (''Lytton'') and New
Indigo Resources Inc. (''New Indigo'') (the ''Companies'') announce the
adjournment of the Special Meeting of New Indigo and the Annual and Special
Meeting of Lytton at which the shareholders of each of the Companies were to
consider, among other things, the amalgamation of New Indigo and Lytton. A
date for holding the adjourned meetings will be announced in the future.
The Companies adjourned their respective meetings primarily in response
to the disclosure last week by Crabbe Huson, an investment advisor based in
Portland, Oregon, that it had acquired 25.9% of the voting shares of Lytton,
and that one of its principals, James Crabbe, had acquired 20.25% of the
voting shares of New Indigo through market purchases. The Companies have
brought the acquisition of shares in New Indigo and Lytton by Crabbe Huson and
Mr. Crabbe to the attention of certain securities regulatory bodies.
Lytton and New Indigo also announce that two parties claiming to be
shareholders of both Companies have served a statement of claim alleging,
among other things, that certain past actions of the Companies were oppressive
to them as shareholders, and are seeking damages in that regard. The
plaintiffs also allege that three persons who were formerly directors of
Lytton and New Indigo, one of whom remains a director of Lytton, breached
certain duties that the plaintiffs claim were owed to them. The Companies
intend to vigorously defend the actions.
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I am sure most have already noted the current $0.50 share price.
Regards |
