The Trustees of Mesabi Trust (NYSE: MSB) today re-affirmed their
unanimous support for successor trustee nominee Robin M. Radke to
be appointed by unitholders at its adjourned Special Meeting of
Trust Certificate Holders, which is scheduled for 11:00 A.M.
Central Time, on Wednesday, January 23, 2019 at the offices of Fox
Rothschild LLP, 222 South Ninth Street, Suite 2000, Minneapolis,
Minnesota 55402 (the “Special Meeting”).
The Trustees of Mesabi Trust are continuing to solicit proxies
from its Trust Certificate Holders requesting that holders vote
“FOR” approval of Proposal 1 for the appointment of Robin M. Radke
as an individual trustee of Mesabi Trust to succeed Richard G.
Lareau, who is retiring.
Key factors noted by the Trustees are Ms. Radke’s understanding
of the intricacies of Mesabi Trust from a legal, compliance,
internal controls, corporate, governance and trust law perspective,
which she gained from her eleven years of experience in working on
a broad range of projects for the Trust.
Based on a thorough diligence process reviewing biographical
information and professional resumes of other potentially
interested candidates, including conducting interviews of the top
candidates, ensuring no conflict of interest exists and identifying
the skills, experience and diversity profile the Trustees were
seeking to address in a candidate, the Trustees unanimously
concluded that Ms. Radke is the most qualified candidate to serve
as Trustee of Mesabi Trust.
The Trustees also selected Ms. Radke recognizing that evolving
regulatory and corporate governance standards are beginning to
establish guidelines for the promotion of women on corporate boards
and agree that a diverse and inclusive board promotes a broader
range of viewpoints and independent thinking.
Some unitholders have communicated their opinion that the Trust
needs an executive with industry experience, yet this ignores that
the Trustees already include two individuals with extensive iron
ore industry experience and deep understanding of iron ore mining
and production operations, including many years working with
Cleveland-Cliffs, Inc. and Northshore Mining Company, which the
Trustees have seen as a positive for the Trust.
As previously disclosed, the Trustees also emphasize that two
leading independent proxy advisory firms, Institutional Shareholder
Services and Glass, Lewis & Co.1 have also recommended that
Mesabi Trust unitholders vote “FOR” Proposal 1 for the appointment
of Robin M. Radke.
The Trustees of Mesabi Trust remind unitholders that every
vote is important and urge all unitholders to vote “FOR” the
adjourned Special Meeting proposals TODAY.
Proposal 1 is described in further detail in the proxy statement
filed with the Securities and Exchange Commission on November 9,
2018. No changes have been made in the proposals to be voted on by
unitholders at the Special Meeting. The Trust's proxy statement and
any other materials filed by the Trust with the SEC remain
unchanged and can be obtained free of charge at the SEC's website
at www.sec.gov.
Only holders of record of units of beneficial interest of Mesabi
Trust at the close of business on November 9, 2018, the record
date, are entitled to notice of, and to vote at, the adjourned
Special Meeting. If a unitholder has previously submitted its proxy
card and does not wish to change its vote, no further action is
required by such holder.
The Trustees encourage all unitholders that have not yet voted
to vote their units by 11:59 p.m., Eastern Time, on Tuesday,
January 22, 2019. If you have not voted, or have misplaced your
proxy materials or are uncertain if you have voted all the shares
you are entitled to vote, please see "How You Can Vote" below.
Every single vote counts.
________________
(1) Permission to reference these reports was neither
sought nor obtained.
How You Can Vote
If your Units are registered in your name,
you may vote your Units in person at the Special Meeting by one of
the following methods:
Vote byInternet:
www.proxyvote.com
Use the Internet to transmit your voting
instructions and for electronic delivery of information. Vote by
11:59 P.M. ET on January 22, 2019. Have your proxy card in hand
when you access the web site and follow the instructions to obtain
your records and to create an electronic voting instruction
form.
Vote byTelephone:
1-800-690-6903
Use any touch-tone telephone to transmit
your voting instructions. Vote by 11:59 P.M. ET on January 22,
2019. Have your proxy card in hand when you call and then follow
the instructions.
Vote byMail:
Mark, sign and date your proxy card and
return it in the postage-paid envelope we have provided or return
it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood,
NY 11717.
If your Units are held in "street name," you may receive a
separate voting instruction form with this proxy statement or you
may need to contact your broker, bank or other nominee to determine
whether you will be able to vote electronically using the Internet,
telephone or mobile device.
THE TRUSTEES UNANIMOUSLY RECOMMEND THAT TRUST CERTIFICATE
HOLDERS VOTE “FOR” THE APPOINTMENT OF
MS. RADKE AS AN INDIVIDUAL TRUSTEE OF THE TRUST. EVERY VOTE IS
IMPORTANT.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains certain forward-looking statements
as defined in the Private Securities Litigation Reform Act of 1995.
These statements are based on Mesabi Trust’s current expectations
and involve risks and uncertainties, which may cause results to
differ materially from those set forth in the statements. The
forward-looking statements may include statements regarding actions
to be taken by the Trustees of Mesabi Trust, as well as the Trust’s
expectations for the outcome of the votes at the upcoming Special
Meeting. Mesabi Trust undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise. Forward-looking statements should be
evaluated together with the many uncertainties that affect Mesabi
Trust, particularly those mentioned in the risk factors in Item 1A
of our annual report on Form 10-K for the fiscal year ended
January 31, 2018 and in our periodic reports on
Form 10-Q.
Important Additional Information and Where You Can Find
It
The Trustees may be deemed to be participants in a solicitation
of proxies in connection with the matters to be considered at the
Special Meeting. Information regarding the names of Mesabi Trust’s
Trustees and their respective interests in the Trust is set forth
in the Trust’s definitive Proxy Statement for the Special Meeting,
filed with the SEC on November 9, 2018 and other reports filed
by the Trust. These documents are available free of charge at the
SEC’s website at www.sec.gov and on the website of Mesabi Trust at
www.mesabi-trust.com.
THE TRUSTEES URGE MESABI TRUST UNITHOLDERS TO CAREFULLY READ
THE DEFINITIVE PROXY STATEMENT ACCOMPANYING THE WHITE PROXY CARDS
AND ANY OTHER RELEVANT DOCUMENTS THAT THE TRUST MAY FILE WITH
THE SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Copies of the definitive proxy statement, any solicitation
materials and any other documents filed by Mesabi Trust with the
SEC are available free of charge at the SEC’s website at
www.sec.gov. These documents will also be made available free of
charge by contacting the Trust’s proxy solicitor, Georgeson LLC,
toll free at 1-866-628-6079.
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version on businesswire.com: https://www.businesswire.com/news/home/20190118005447/en/
Contacts
Mesabi Trust SHR Unit:Deutsche Bank Trust Company
Americas904-271-2520
Solicitation Agent:Georgeson LLC
1-866-628-6079
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