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Virgin Metals Inc. (TSXV:VGM) announced that it has ratified and approved a shareholder rights plan.
As quoted in the press release:
The Rights Plan is effective immediately and was approved by an 89% majority of holders of common shares (“Shareholders”) of Virgin Metals who voted at the Company’s special meeting held on November 16, 2011. In making the announcement, the Company stated that it is not aware of any pending or threatened take-over bid. The Rights Plan has been accepted by the TSX Venture Exchange in accordance with its rules and policies.
The Rights Plan provides the board and the shareholders with more time to evaluate any unsolicited take-over bid and, if appropriate, to pursue alternatives to maximize shareholder value.
Click here to read the Virgin Metals Inc. (TSXV:VGM) press release
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