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Oliver Lennox-King has rejected the new Roxgold Inc. (TSXV:ROG) team’s offer of compromise. The Special Committee of Roxgold authorized new CEO Brett Richards to reach out to Mr. Lennox-King with a proposed compromise solution to be considered by shareholders at the annual general meeting on September 25, 2012.
As quoted in the press release:
In light of this shareholder feedback, last week the Special Committee of Roxgold authorized Mr. Richards to reach out to Mr. Lennox-King with a proposed compromise solution to be considered by shareholders at the annual general meeting to be held on September 25, 2012 (the Meeting). The full text of the letter sent from Mr. Richards to Mr. Lennox-King on September 13, 2012 is reproduced below, however the key terms of the proposal were:
• a new slate of seven (7) directors comprised as follows:
◦ three (3) nominees chosen by Mr. Lennox-King;
◦ three (3) nominees from the proposed Roxgold slate, being Peter R. Jones, Gordon Pridham and John Knowles;
◦ Brett Richards nominated as the seventh director and named CEO;
• Peter R. Jones be nominated to act as chair; and
• Roxgold reimburse up to a maximum of CDN$200,000 of the fees incurred by Mr. Lennox-King in connection with the proxy contest.
Unfortunately, Mr. Lennox-King refused this generous offer put forward by Mr. Richards.“While our support to date has exceeded our expectations, I have always said that this is not my fight and I simply want what is best for Roxgold and its shareholders,” said Brett Richards, proposed CEO, “I have fervently worked towards the fairest solution to this proxy dispute and am disappointed that it was rejected.”
Regardless of how many shares held, Roxgold urges shareholders to vote in line with Glass Lewis and ISS’s recommendation to vote their GOLD proxy in favour of the new Roxgold team as soon as possible. The cut-off for receipt of proxies is 2:00 p.m. (Vancouver time) on Friday, September 21, 2012. We thank shareholders for their continued support.
Click here to read the Roxgold Inc. (TSXV:ROG) press release