Banro Receives Glass Lewis Recommendation that Shareholders Vote FOR All Banro Director Nominees
June 18 2014 - 10:12PM
Marketwired
Banro Receives Glass Lewis Recommendation that Shareholders Vote
FOR All Banro Director Nominees
Shareholders Are Urged to Vote the BLUE Proxy in support of the
six Banro Director nominees
TORONTO, ONTARIO--(Marketwired - Jun 18, 2014) - Banro
Corporation ("Banro" or the "Company") (TSX:BAA)(NYSEMKT:BAA) is
pleased to announce that in its report issued on June 18, 2014,
Glass, Lewis & Co., LLC ("Glass Lewis"), a leading independent
proxy advisory firm, recommended shareholders vote FOR all of management's
director nominees on the Company's BLUE proxy card and DO NOT VOTE
on the green dissident proxy.
In their report, Glass Lewis states that Banro has been
"proactive in making positive governance changes," and cites the
addition of four new independent directors and a new independent
chairman within the past 12 months as reasons to support
management's nominees. Likewise, Glass Lewis alludes to Liberty
Street's failure to "put forth any sort of cogent operational
and/or strategic plan to improve the Company's performance" and
their "miniscule equity stake" acquired after the Record
Date as reasons NOT to vote on the green dissident proxy.
Glass Lewis also notes that they "believe the Company has made a
number of positive operational moves in the past year that could
enhance the overall outlook for the Company and its
shareholders."
This is the second independent proxy advisory firm to announce
their support for management, as Institutional Shareholder Services
Inc. ("ISS") also recommended shareholders vote FOR Banro's nominees.
Banro has a clear strategy and is poised to enhance long-term
value for shareholders through increased production. By contrast,
Glass Lewis notes that "the dissident has failed to put forth a
compelling plan to improve the Company." This makes it clear that
Liberty Street is behaving opportunistically by seeking control of
Banro's entire board despite the fact their nominees hold just
1,000 shares. Furthermore, the fact that ISS and Glass Lewis have
supported Banro's nominees demonstrates that the Company has made
great strides by listening to shareholders and improving its
corporate governance.
"Banro has been undergoing steady and positive board evolution
for the past year," commented Board Chairman Richard Brissenden.
"This has been part of a structured plan to provide for a majority
independent board, ensure fully independent key committees and
bring new experience and skills to the board commensurate with the
growth and evolution of Banro as it becomes a multi-mine
company."
Protect your investment
- Vote your BLUE proxy today to ensure the Company stays on
track -
We urge you - our valued shareholder - to protect your
investment and reject Liberty Street's attempt to take control of
your company.
Regardless of how many shares you own, your vote is important in
order to send a message to Liberty Street that you support the
current Board and the Company's bright future. It is crucial that
you vote your BLUE
proxy today. If you have already voted, you can still change your
vote, simply by voting your BLUE proxy today. Your later
dated BLUE proxy
will replace any prior dated green proxy you may have voted and
will count.
Your support is critical to delivering on our plans and we ask
you to support all resolutions at the meeting. If you have any
questions or need assistance in voting your proxy, please contact
our proxy solicitor, Kingsdale Shareholder Services, toll free in
North America (1-866-851-3214) or
call collect from outside North America at (416-867-2272) or by
email at contactus@kingsdaleshareholder.com.
Banro Corporation is a Canadian gold mining company
focused on production from the Twangiza mine, which began
commercial production September 1, 2012, and completion of its
second gold mine at Namoya, located approximately 200 kilometres
southwest of the Twangiza gold mine. The Company's longer term
objectives include the development of two additional major,
wholly-owned gold projects, Lugushwa and Kamituga. The four
projects, each of which has a mining license, are located along the
210 kilometre long Twangiza-Namoya gold belt in the South Kivu and
Maniema provinces of the Democratic Republic of the Congo (the
"DRC"). Led by a proven management team with extensive gold and
African experience, the initial focus of the Company is on the
mining of oxide material, which has a low capital intensity to
develop but also attracts a lower technical and financial risk to
the Company. All business activities are followed in a socially and
environmentally responsible manner.
Kingsdale Shareholder Servicestoll free in North America
(1-866-851-3214)call collect outside North America
(416-867-2272)contactus@kingsdaleshareholder.comBanro
CorporationNaomi NemethInvestor Relations+1 (416) 366-9189 or
+1-800-714-7938, Ext. 2802info@banro.com / Twitter:
@banrocorpwww.banro.com
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