The Conversation (0)
Roxgold Inc. (TSXV:ROG) received an endorsement from the Institutional Shareholder Services (ISS), a leading independent proxy advisory firm: ISS recommends shareholders vote in favour of the Roxgold director nominees at the Company’s upcoming annual general meeting on September 25, 2012.
As quoted in the press release:
Regarding the strength of Roxgold’s CEO candidate Brett Richards, the ISS report states: “It appears that management’s proposed CEO has more years of experience than the dissident’s proposed interim CEO. More importantly, the fact that management’s proposed CEO has first-hand related experience in Burkina Faso where the company’s current flagship Yaramoko gold project is located appears to be more relevant at the current development stage of the company.”
The ISS report endorses the progress on the Yaramoko project to date, stating: “Despite the recent sharp decrease in the company’s share price, under the current board’s leadership and tenure, the company still managed to achieve an improved TSR (total shareholder return) performance and has outperformed the industry sub index significantly. It is also noted that in response to the dissident’s first proxy contest campaign back in July, management has engaged in various activities to maintain the progress on the company’s flagship Yaramoko gold project and has proactively implemented some necessary changes, including proposing a new board consisting of four new management nominees, replacing the current CEO, amending the stock option plan, and initiating a four-point strategy plan. In addition, there does not appear to be any significant evidence that the dissident director nominees and proposed interim CEO are more qualified or competent than the management nominees.”
On Oliver Lennox-King’s approach, the ISS report states: “…overall, on balance, the dissident has not made a compelling case that a further change to the board in favour of the dissident nominees is necessary at this time. Therefore, votes FOR management nominees are warranted.”
Click here to read the Roxgold Inc. (TSXV:ROG) press release