A win for the shareholders.?
newswire.ca
Noranda withdraws proposal to amend capital structure
TORONTO, March 1 /CNW/ - David Kerr, President and Chief Executive
Officer of Noranda Inc. announced today that the company has decided not to
proceed with a proposal to amend its capital structure by subdividing existing
common shares into two classes of equal voting shares.
The proposed change in capital structure was one of several options the
company has been considering to increase its financing flexibility to take
advantage of consolidation opportunities within the industry.
''Our press release on Monday, February 22, 1999 generated a wide range
of responses. Many investors were supportive while others were not. After
listening to our shareholders, we've decided that on balance it would not be
appropriate to proceed with this proposal at this time. We will of course
continue to review alternatives to increase our mineral reserves and to
improve shareholder returns.''
Noranda (NOR) is a leading international mining and metals company with
47 operations and projects under development in eight countries. Noranda is
one of the world's largest producers of zinc and nickel and is a significant
producer of copper, primary and fabricated aluminum, lead, silver, gold,
sulphuric acid, cobalt and wire rope. Noranda is also a major recycler of
secondary copper, nickel, and precious metals. Noranda employs 18,000 people.
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