Diamond Fields International has filed a petition in the Supreme Court of Yukon on Nov. 18, 2002, seeking a declaration by the court that the solicitation of proxies by the dissident Boulle group for use at the company’s annual general meeting of shareholders scheduled for Nov. 21, 2002, is invalid, that any proxies obtained by the Boulle group pursuant to such solicitation are also invalid and that the Boulle group be restrained from soliciting proxies pending a further order of the court.
On Friday, Nov. 15 2002, the Boulle group issued a press release publicly disclosing for the first time intentions for the company should it succeed in electing its nominees as directors at the meeting, including its intention to negotiate a settlement of the company’s $19.5-million (U.S.) claim against Trans Hex Group Ltd. The company believes that this information is material to shareholders and should have been, and was legally required to be, disclosed in the Boulle group’s dissident proxy circular. The company’s position is that the omission of this material information from the dissident proxy circular is prejudicial to the company’s shareholders.
The company’s petition is scheduled to be heard by the court at 3 p.m. on Wednesday, Nov. 20, 2002.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
