How might this press release affect the shares? Would they be taken off the market and brought back in under a new name leaving the shareholders to start at zero?
Dissident Shareholders of Armistice Resources Ltd. File Proxy Materials
MONTREAL, Dec. 22 /CNW/ - Messrs. Gordon Usher-Jones and Mark Diamond of Montreal (the ''Dissidents''), shareholders who hold in excess of 1,000,000 shares of Armistice Resources Ltd. ''Armistice''), announce that they are soliciting ''Dissident Proxies'' for the election of a new board of directors at Armistice's annual general meeting scheduled for January 13, 1999. A Dissident Information Circular has been filed with the appropriate regulatory
authorities and has been sent to shareholders.
As detailed in the proxy materials, the Dissidents are unsatisfied and frustrated with the performance of Armistice's share price, the poor mining decisions taken by management over the past several years as well as the inappropriateness of loans made to certain directors and associated companies.
The Dissidents have stated that they have lost confidence in the present board of directors' ability to manage and finance Armistice and are concerned about a pending cash crunch which may leave Armistice unable to pay to keep the mine de-watered.
The Dissidents have proposed replacing the current board of directors with its own slate which will include Gordon Usher-Jones, Mark Diamond,Richard Hamm, Guy Hinse and Charles R. Spector. The new board of directors will draw upon the expertise of its members in order to fully utilize Armistice's resources in order to begin deep drilling to fully delimit the extent of Armistice's overall mineral potential. The new board of directors would also draw on their expertise in accessing capital markets and their ability to manage and finance Armistice's business. Once in place, the new board of directors will insist on accountability of management to ensure that
they are fully aware and accountable for their performance and allocation of expenses as well as practice good corporate governance principals.
The Dissidents are calling upon all shareholders of Armistice who are dissatisfied with the current performance of Armistice to please obtain a copy of the Dissident Proxy Circular and support the Dissidents' board nominees by completing and returning the blue proxy. Dissatisfied shareholders are also asked to contact other shareholders who share similar concerns about Armistice and who may not be aware of the upcoming meeting. We urge that shareholders
act immediately. Please call any one of the following numbers if you require any assistance or further information in this regard.
Gordon Usher-Jones Tel. (705) 634-2317
Colombe Hinse Tel. (705) 634-2317 / Fax (705) 634-2645
E-mail: colombe@ntl.sympatico.ca
For further information: Gordon Usher-Jones or Colombe Hinse,
(705) 634-2317 |
