Key points
- The Supreme Court of the Yukon Territory dismissed Diamond Fields International’s petition alleging the Boulle Group’s proxy solicitation was invalid.
- The court appointed Mitchell H. Gropper, QC, as independent chair of the shareholders’ meeting, which began at approximately 7:30 p.m.
- Shareholders reappointed Deloitte & Touche as auditors and reconfirmed the company’s shareholder rights plan.
- Depending on the chair’s rulings, the new board will have five directors, all Boulle Group nominees, or nine directors including five Boulle Group and four management nominees.
Late yesterday, the Supreme Court of the Yukon Territory dismissed Diamond Fields International’s petition seeking a declaration by the court that the solicitation of proxies by the dissident Boulle Group was invalid. The court also ordered that Mitchell H. Gropper, QC, be appointed to act as independent chair of the meeting, which commenced at approximately 7:30 p.m. last night.
At the meeting, shareholders reappointed Deloitte & Touche as auditors and reconfirmed the company’s shareholder rights plan. With respect to the election of directors, the exact size and composition of the board of directors remains subject to certain rulings by the independent chair as to matters of law. Depending on how the chair rules on these matters, the new board will consist of five directors all whom will be Boulle Group nominees or will may consist of nine directors and include all five of the Boulle Group nominees and four of management’s nominees. The company will make another announcement following the chair’s rulings on these matters.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
