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Dundee Corp. (TSX:DC.A) announced that it has made available a letter and proxy circular that urges Formation Metals Inc. (TSX:FCO) shareholders to elect Dundee’s two director nominees to the company’s board of directors during Formation’s annual general meeting.
Dundee Corp. (TSX:DC.A) announced that it has made available a letter and proxy circular that urges Formation Metals Inc. (TSX:FCO) shareholders to elect Dundee’s two director nominees to the company’s board of directors during Formation’s annual general meeting.
The letter and proxy circular highlight Dundee’s belief that Formation has mismanaged the company in the following ways:
- Imprudent and unauthorized sale of the Sunshine Refinery
- Management’s self-dealing and resulting total compensation
- Lack of leadership
- Failed business strategy
- Refusal to adapt to the TSX’s rule that directors be elected annually, commencing this year
- Lack of adherence to good corporate governance practices for a public company
As quoted in the press release:
In the attached letter, Ned Goodman, President and CEO of Dundee, in effect says that Dundee believes it is time to change the composition of the Board of Directors so that Formation can begin realizing on its potential and adjusting to the current reality of the mining industry. Dundee’s objective is to deliver appropriate returns for all shareholders.
Click here to read the full Dundee Corp. (TSX:DC.A) press release.
Related reading:
PROJECT UPDATE: Dundee Prepared to Block Formation’s Refinery Sale