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1 Year : From Dec 2018 to Dec 2019
On January 23, 2019, Mesabi Trust (NYSE:MSB) reconvened its Special
Meeting of the Trust Certificate Holders of Mesabi Trust (the “Special
At the reconvened Special Meeting, a total of 8,797,177 units of
beneficial interest, or approximately 67.05% of our total 13,120,010
units outstanding and eligible to vote, were represented in person or by
proxy, and constituted a quorum.
At the reconvened Special Meeting, 6,896,828 units of beneficial
interest, representing approximately 52.56% of the total units
outstanding, voted “FOR” the appointment of Robin M. Radke, as a
successor trustee of Mesabi Trust. This result also reflects that Ms.
Radke’s appointment to serve as trustee of Mesabi Trust was approved by
78.39% of all votes that were cast by Mesabi Trust Certificate Holders
on this proposal.
Under the terms of the Agreement of Trust dated July 18, 1961, as
amended (the “Agreement of Trust”), the appointment of a successor
trustee must be approved by a majority in interest of the total
outstanding units, so that the proposal to appoint Robin M. Radke was
At the reconvened Special Meeting, Proposal 2 to approve an amendment to
the Agreement of Trust, which would increase the annual minimum
compensation payable to each individual trustee and the corporate
trustee, received 5,005,273 “FOR” votes, which represented 38.14% of
total units outstanding, was NOT approved by Unitholders. Under the
Agreement of Trust, Proposal 2 required approval of at least 66 2/3% in
interest of Trust Certificate Holders, or at least 8,746,674 units, and
thus Proposal 2 was not approved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190124005768/en/
Mesabi Trust SHR UnitDeutsche Bank Trust Company Americas(904)