The board of directors of Lomiko Metals Inc. (TSXV:LMR,OTC:LMRMF, FWB:DH8B) has given approval to adopt a shareholder rights plan. The board plans to seek shareholder ratification at its annual and special meeting of the shareholders scheduled for October 30, 2014.
As quoted in the press release:
Lomiko is not adopting the Plan in response to any specific proposal to acquire control of its outstanding securities. The Plan will be similar to plans adopted by other Canadian companies and ratified by their shareholders. It is not the intention of the Plan to entrench management or prevent a change of control of Lomiko to the detriment of shareholders. The Plan will not apply to takeover bids that meet certain requirements including that the bid be made by way of a takeover bid circular and be left open for at least 60 days so as to ensure that shareholders will have an adequate opportunity to assess the merits of any such bid.