Second Independent Proxy Advisor Rejects BullRun’s Attempt to Gain Control of GrowMax’s Cash Reserves, Urges Shareholders...
September 20 2018 - 10:36AM
GrowMax Resources Corp. (“
GrowMax”) (TSX-V: GRO)
is pleased to announce that Glass, Lewis & Co. (“
Glass
Lewis”), a leading independent proxy advisory firm, has
recommended that GrowMax shareholders vote “
FOR”
all of management’s director nominees at the Company’s annual and
special meeting of shareholders (the “
Meeting”) on
September 25, 2018.
In reaching its recommendation, Glass Lewis
stated the following:
“Having evaluated the arguments lodged
by the Dissident and the incumbent board’s response, we do not
believe the Dissident has presented a credible and convincing case
in favor of board representation.”
“The Dissident is a relatively new
shareholder of the Company and is seeking to control the board but
has not, in our view, articulated a clear strategy for the
Company.”
“We are concerned the Dissident may be
attempting to gain control of the Company’s cash balance for
self-serving purposes.”
“The Dissident’s recent announcement
that its nominees would seek to declare a divided of C$0.075 per
share appears to conflict with the Dissident’s prior plan and does
little to boost the credibility of the Dissident’s
campaign.”
Glass Lewis' recommendation follows last week's
report from Institutional Shareholder Services Inc.
(“ISS”), which also recommended that shareholders
vote in favour of management’s nominees. ISS also urged
shareholders to vote “FOR” the PrimaSea
acquisition, noting that the “proposed agreement makes strategic
sense.”
“We’d like to thank all shareholders for their
support to date. This support, along with the recommendations of
the leading independent proxy advisors, is a validation of the
experience and qualifications of our nominees and their stewardship
of the interests of our shareholders,” said GrowMax President and
CEO Stephen Keith. “As the voting deadline nears, I encourage you
to vote today to save your investment from a ‘self-serving’
dissident that has not presented a credible or convincing case to
earn your trust. I encourage you to vote “FOR” all
of management’s nominees and “FOR” the
transformative and value-enhancing PrimaSea acquisition, which has
widespread support from shareholders, has been confirmed as fair by
GrowMax’s financial advisor and recommended by ISS.”
VOTE TODAY TO SAVE YOUR INVESTMENT IN
GROWMAX
Shareholders are reminded that the
deadline to vote is fast approaching. Shareholders must submit
their votes by 10:00 a.m. (Calgary time), being 12:00 p.m. (Toronto
time), Friday, September 21, 2018.
Shareholders are encouraged to vote only their
BLUE Proxy “FOR” the PrimaSea
acquisition and “FOR” all of management’s
qualified and experienced director nominees.
Shareholders are asked to vote online at
www.proxyvote.com to ensure votes are
received in a timely manner. If you have already voted using
another proxy, you may vote again on the BLUE
Proxy. The later dated BLUE Proxy will count as it
supersedes any previously given proxy.
Vote BLUE today at
www.proxyvote.com or by contacting
Kingsdale Advisors toll free at 1-866-581-1479 or
by email at contactus@kingsdaleadvisors.com. There
is a team standing by to help.
For more information, please contact:
Stephen Keith, P. Eng.President and CEOTel.: +1
(647) 299 0046Email:
info@growmaxcorp.com www.growmaxcorp.com
Media Contact:
Ian RobertsonExecutive Vice President,
Communication StrategyKingsdale Advisors Direct: +1 (416)
867-2333Cell: +1 (647) 621-2646Email:
irobertson@kingsdaleadvisors.com
About GrowMax Resources
Corp.
GrowMax Resources Corp. is a publicly listed
Canadian company holding exploration assets bearing phosphate and
potassium-rich brine resources on its Bayovar Property, which is
located in the Sechura Desert in northwestern Peru.
GrowMax has been focusing its efforts on
leveraging its existing balance sheet to consolidate junior
fertilizer assets in Latin America, targeting projects with
favorable margins and generating cash flow. The Company’s vision is
to become a prominent player in the Latin American fertilizer
industry.
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