Methanex Announces Cooperation Agreement with M&G
April 12 2019 - 2:07PM
Methanex Corporation (“Methanex” or the “Company”) (TSX:MX)
(NASDAQ:MEOH) announces that it has reached a cooperation agreement
(the “Agreement”) with M&G Investments (“M&G”) pursuant to
which the Company will recommend Paul Dobson for election to its
eleven member board of directors at the upcoming annual general
meeting of shareholders (the “Meeting”) on April 25, 2019. Mr.
Dobson will be appointed to the Audit, Finance and Risk
Committee.
To accommodate the addition of Mr. Dobson, the
Board accepted the offer of Howard Balloch, the longest serving
independent director, to advance his planned retirement by a year,
and not stand or be nominated for re-election at the Meeting.
“We are pleased to have come to a cooperation
agreement with our largest shareholder that is both responsive to
their views and allows us to move forward with our mutual goal of
maintaining Methanex’s leading position in the methanol industry
while generating strong returns for shareholders,” said Chairman of
the Board, Tom Hamilton. “We thank Howard Balloch for his years of
leadership and service to Methanex. Howard has been instrumental as
Chair of the Public Policy Committee and a valuable contributor to
Methanex’s long track record of success.”
“We believe the opportunity to build a third
plant alongside our other two plants in Geismar, Louisiana is
unique. Methanex are committed to a thoughtful, rigorous evaluation
process for reviewing all growth projects and as part of our
Agreement we have agreed to retain an independent financial
advisory firm to assist in our financial review of the Geismar 3
project,” said President and Chief Executive Officer, John
Floren.
M&G will withdraw its proxy circular and
proxy card in respect to the Meeting and has agreed to vote all of
its shares in favour of the nominees recommended by the
Company. M&G has also agreed to a standstill arrangement
through the 2020 annual general meeting of shareholders.
The Company has agreed with M&G to continue
its ongoing board refreshment process by selecting an additional
director after the Meeting from a list to be submitted by
M&G. Such director will possess financial experience and
other skills, experience and expertise required to oversee the
continued growth of the world’s largest methanol producer.
Stuart Rhodes, a fund manager with M&G,
stated, “We are pleased to have reached this constructive outcome
with Methanex and look forward to continuing to be long-term,
supportive shareholders in the Company. M&G is confident that
Paul Dobson’s addition to the Board and our ongoing support for the
leadership of John Floren and his extremely capable management team
will help ensure the continued success of
Methanex.”
The full Agreement has been filed on the
Company’s SEDAR profile.
NEW DIRECTOR NOMINEE
BIOGRAPHYPaul Dobson: Paul Dobson, CPA,
CMA, is Interim CEO of Hydro One Limited, a major transmission and
distribution provider in Ontario. Prior to being appointed as
Interim CEO, Mr. Dobson was the Chief Financial Officer. Mr. Dobson
previously held executive positions, including CFO and COO, at
Direct Energy, a provider of energy-related services based in
Houston, Texas. He has held leadership roles in international
energy companies in Canada, the US and London.
VOTING IS NOW OPEN
Shareholders should vote their WHITE proxy form
or voting instruction form FOR the Company’s recommended nominees,
including Paul Dobson, before April 23, 2019 at 10:30 a.m.
(Vancouver time).
If you have questions or need help voting,
contact Kingsdale Advisors at 1-888-327-0821 or
at contactus@kingsdaleadvisors.com.
For further information, contact:
Kim CampbellManager, Investor RelationsMethanex
Corporation604 661-2600 or Toll Free: 1 800 661
8851www.methanex.com
Ian RobertsonExecutive Vice President, Communication
StrategyKingsdale AdvisorsDirect: 416-867-2333Cell:
647-621-2646Email: irobertson@kingsdaleadvisors.com
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