Positive recommendation received from ISS (6122T)
December 08 2011 - 7:25AM
UK Regulatory
TIDMEGU
RNS Number : 6122T
European Goldfields Ltd
08 December 2011
Suite 200, Financial Plaza
204 Lambert Street
Whitehorse, Yukon
Canada Y1A 3T2
For Immediate Release
EUROPEAN GOLDFIELDS RECEIVES POSITIVE RECOMMENDATION FROM ISS
AND GLASS LEWIS
8 December 2011 - European Goldfields Limited (AIM: EGU / TSX:
EGU) ("European Goldfields" or the "Company") is pleased to
announce that ISS Proxy Advisory Services, Canada ("ISS") and Glass
Lewis & Co. ("Glass Lewis") have both recommended that its
clients vote in favour of the ordinary resolution approving certain
aspects of the proposed US$600m financing transaction with Qatar
Holding LLC and the US$150m loan note and the issuance of warrants,
as described in the Management Information Circular mailed to
shareholders by the Company on 1 December 2011.
ISS and Glass Lewis are leading advisory firms for independent
international corporate governance analysis and proxy voting. Their
recommendations assist shareholders in making decisions regarding
proxy voting decisions.
In reaching their recommendation, ISS concluded* "The signing of
the financing package has removed the uncertainty of obtaining
finance for projects in Greece in the current difficult market
conditions. The package has been able to reduce the potential
dilution of a 100% equity financing. The use of funds is justified,
market reaction is favourable and there are no significant
governance concerns. In view of these factors, disinterested
shareholder approval is warranted".
In its report Glass Lewis also recommended* "We believe that the
Company should be provided the flexibility to use its equity in a
manner that could provide funding for its operations and enhance
shareholder value. Accordingly, we recommend that shareholders vote
FOR this proposal".
About the Special Meeting
European Goldfields Limited will hold a special meeting of
shareholders ("Special Meeting") to approve the ordinary resolution
on Thursday, December 22nd, 2011 at 9:00 a.m. (Toronto Time) at the
offices of Stikeman Elliott LLP, 5300 Commerce Court West, Toronto,
ON, Canada M5L 1B9.
Time is of the essence, and a proxy, to be effective, must be
voted in advance of the Special Meeting and no later than 9:00 a.m.
(Toronto Time) on Tuesday, December 20th, 2011. Shareholders who
require assistance in voting their proxy may direct their inquiry
to European Goldfields proxy solicitation agent, Phoenix Advisory
Partners, toll-free in North America at 1-800-243-9416 and in the
United Kingdom at +44 (0) 808-101-1697 or by email at
inquiries@phoenixadvisorypartners.com.
About European Goldfields
European Goldfields is a developer-producer with globally
significant gold reserves located within the European Union. The
Company generates cash flow from its 95% owned Stratoni operation,
a high grade lead/zinc/silver mine in North-Eastern Greece.
European Goldfields is expected to evolve into a mid-tier producer
through responsible development of its project pipeline of gold and
base metal deposits at Skouries and Olympias in Greece and Certej
in Romania. The Company plans future growth through development of
its highly prospective exploration portfolio in Greece, Romania and
Turkey.
For further information please see the Company's website at
www.egoldfields.com
*Permission to use quotations from the ISS and Glass Lewis
reports was neither sought nor obtained.
Enquiries:
======================================= =============================
European Goldfields Liberum Capital Limited
======================================= =============================
Steve Sharpe, SVP Business Development Michael Rawlinson
======================================= =============================
e-mail: info@egoldfields.com Tom Fyson
======================================= =============================
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 3100 2000
======================================= =============================
Brunswick Evolution Securities Ltd
======================================= =============================
Carole Cable / Fiona Micallef-Eynaud Matthew Tyler / Neil Elliott
======================================= =============================
e-mail: egoldfields@brunswickgroup.com Tel: +44 (0)207 071 4300
======================================= =============================
Tel: +44 (0)20 7404 5959
======================================= =============================
Lazard & Co., Ltd BMO Capital Markets
======================================= =============================
Spiro Youakim Egizio Bianchini
======================================= =============================
Chris Seherr-Thoss Gary Mattan
======================================= =============================
Tel: +44 (0)20 7187 2000 Tel: +1 (0) 416 359 4001
======================================= =============================
This information is provided by RNS
The company news service from the London Stock Exchange
END
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