Key points
- About 66 per cent of shares voted in person and by proxy supported Boulle’s dissident directors, including Mark Collins, Gregg Sedun, Steve Malouf and Roderic Baker.
- A Yukon court dismissed the incumbent board’s attempt to invalidate proxies representing roughly 47 per cent of DFI’s outstanding shares.
- Boulle, Sedun and Baker are former directors of Diamond Fields Resources Inc., which was sold to Inco Ltd. in 1996 for $4.2 billion.
- At the new board’s first meeting, held the same day, Boulle was elected chairman and chief executive officer of DFI.
Jean-Raymond Boulle and his dissident group of directors have won an overwhelming majority of the votes cast at the annual general meeting of DFI held on Nov. 21, 2002. Approximately 66 per cent of all shares voted in person and by proxy voted in favour of electing Mr. Boulle and his dissident directors who included Mark Collins, Gregg Sedun, Steve Malouf and Roderic Baker. Three of these directors, Mr. Boulle, Mr. Sedun and Mr. Baker are former directors of DFI’s predecessor, Diamond Fields Resources Inc., a company co-founded by Mr. Boulle which was sold to Inco Ltd. in 1996 in a transaction valued at $4.2-billion.
As previously announced, a Yukon court earlier dismissed outright the incumbent board and management’s last-ditch effort to remain in control by attempting to invalidate proxies representing approximately 47 per cent of DFI’s outstanding shares supporting the Boulle group. The Yukon court also granted the Boulle group’s motion for the appointment of an independent chairman to chair the annual meeting in place of DFI’s former chairman and president Francis J. Waldron. The independent chairman refused the incumbents’ final effort to increase the number of seats on the board from five to nine and retain four positions. Due to the massive support of DFI shareholders, the Boulle nominees were elected to the five positions available to be filled on the DFI board.
At the first meeting of the new board of directors of DFI, held today, Mr. Boulle was elected chairman and chief executive officer of DFI. The new board will be undertaking a thorough review of all past and present affairs of DFI and will report to shareholders in due course on all material issues.
Mr. Boulle and the new board would like to thank all shareholders who supported their efforts for election to the board of directors of DFI.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
