HANNA, AB, Nov. 5, 2020 /CNW/ - Tim Peterson, a long
standing shareholder of Rifco Inc. ("Rifco" or
"Company") (TSXV: RFC), has filed a notice (the
"Notice") with the President and CEO of Rifco for the
nomination of four highly-experienced independent directors to
be elected to the board of the Company at the annual general and
special meeting of the Company to be held on December 11, 2020
(the "Meeting"). Mr. Peterson has filed the Notice on behalf
of the Concerned Shareholders (the "Concerned Shareholders")
of Rifco led by 933672 Alberta Ltd., Tim
Peterson, Ruth Peterson,
Sorbrick Capital Corp., 812787 Alberta Ltd., Big Country Holdings
Ltd., Norman Storch and Jeffrey Newhouse.
The Concerned Shareholders currently exercise control or
direction over an aggregate of 9,132,582 common shares (the
"Common Shares") in the capital of Rifco, representing
approximately 42.29% of the 21,597,483 outstanding Common Shares.
As previously announced the Concerned Shareholders'
replacement director nominees are Jared
Priestner, Tim Peterson,
Jeffrey Newhouse and Sean Aylward, each of whom is highly-qualified
and well-known in the business community. Mr. Peterson has filed
the Notice in accordance with By-Law No. 1-A of Rifco ("By-Law
1-A"), as the Company has been unresponsive to the Concerned
Shareholders' numerous attempts to engage in discussion for an
orderly and fair election.
The Concerned Shareholders have requested that the Company
confirm in writing by November 6,
2020 that the Notice either satisfies the requirements of
the Company's advance notice by-law or, if it does not satisfy such
requirements, to contact Tim
Peterson so that the parties may work in good faith to
address any purported deficiencies as soon as practicable and in
any event, prior to the deadline for delivery of advance notice in
respect of the nomination of directors for election at the Meeting
under By-Law 1-A. In addition, the Concerned Shareholders
have requested that the Company include the Concerned Shareholders'
nominees in the management information circular and that a
universal proxy be used listing all nominees for the election of
directors of the Company. This request is consistent with good
corporate governance expectations and will allow shareholders to
choose the board they want.
The Concerned Shareholders are not soliciting proxies in
connection with the Meeting at this time. The Concerned
Shareholders have retained Shorecrest Group Ltd.
("Shorecrest") as it strategic shareholder communications
and proxy advisor. Shorecrest's responsibility will include
providing strategic advice and advising the concerned shareholders
with respect to the Meeting and proxy protocol. Shorecrest's
responsibilities will also include soliciting shareholders should
the Concerned Shareholders commence a formal solicitation of
proxies.
SOURCE Concerned Shareholders of RIFCO INC.