Raging River Capital LP Urges Taseko Mines Limited to Respond Promptly to Pressing Need for Change
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/19/16 --
Raging River Capital LP ("Raging River"), owning approximately 5.1 % of the outstanding common shares of Taseko Mines Limited (TSX: TKO) (NYSE MKT: TGB) ("Taseko"), thanks those shareholders who have reached out to express support for Raging River's director nominees and urges the incumbent Board to act responsibly in the period before the requisitioned meeting (the "Meeting").
Raging River announced last week that it had requisitioned the Taseko Board of Directors to call a meeting of shareholders for the purposes of, among other things, reconstituting the board with the removal of three incumbent directors and the election of four new independent directors.
"The early indications of support we have received from shareholders who have contacted us underscores the need for change on an expedited basis. The longer the current Taseko Board goes without addressing the ongoing conflicts of interest, the more shareholder value is at risk of being destroyed. On behalf of all shareholders, we urge the Board to call and hold the requisitioned meeting promptly," said Mark Radzik, Managing Partner of Raging River. "We also remind the Board of their fiduciary duty and obligation to act in the best interests of the company and all shareholders. It is time for a Taseko Board that shareholders trust and the market has confidence in."
Raging River asks shareholders to consider the facts related to certain directors affiliated with Hunter Dickinson Inc. ("Hunter Dickinson" or "HDI"):
Hunter Dickinson affiliated directors have a disproportionate say in Taseko decisions. Hunter Dickinson is a privately owned mining group with significant influence on Taseko. Hunter Dickinson executives hold three board positions at Taseko, including the Chairman, Ronald W. Thiessen, and the CEO, Russell Hallbauer, and yet, these directors own just 2.6% of Taseko.
Hunter Dickinson related entities have received $25.8 million from Taseko. Since 2012, total fees and investment paid to Hunter Dickinson related entities totals $25.8 million. In addition, Hunter Dickinson related entities have received from Curis Resources Ltd. ("Curis") unusually high management and service fees of US$5.4 million over the 2013 and 2014 Curis fiscal years during which time Taseko invested $7 million in Curis. This means more than half of the money Taseko invested in Curis has been paid back to Hunter Dickinson related entities in fees.
Given what Raging River believes to be the sustained pattern of questionable self-dealings, it is crucial that the meeting takes place as soon as possible so that trust can be restored to Taseko's Board and Raging River's nominees can begin implementing a plan to reduce liabilities, ensure the responsible use of shareholder dollars at the Board level, and improve Taseko's balance sheet to optimally position the Company to take advantage of a rebound in copper prices.
RAGING RIVER'S PLAN FOR CHANGE
Raging River believes Taseko has excellent core assets, the potential of which can be unlocked with the right leadership and the right plan for change:
RAGING RIVER'S INDEPENDENT AND EXPERIENCED BOARD NOMINEES
We believe that it is time for new independent leadership on the Board. The Requisition proposes the removal of each of Ronald Thiessen, Russell Hallbauer and Robert Dickinson as directors of Taseko, the setting of the number of directors at nine and the election the following four (4) new directors to the Board:
If elected, each of the Concerned Shareholder Nominees would serve until the next annual general meeting of shareholders or until their successors are elected or appointed.
ADVISORS
Raging River has engaged Norton Rose Fulbright Canada LLP as its legal advisor and Kingsdale Shareholder Services as its strategic and communications advisor and proxy solicitor.
ADDITIONAL INFORMATION
The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable securities laws. Although Raging River has requisitioned the Meeting, there is currently no record or meeting date set for such Meeting and shareholders are not being asked at this time to execute a proxy in favour of the Concerned Shareholder Nominees or any other resolution set forth in the Requisition. In connection with the Meeting, Raging River intends to file a dissident information circular (the "Information Circular") in due course in compliance with applicable securities laws.
Notwithstanding the foregoing, Raging River is voluntarily providing the disclosure required under section 9.2(4) of National Instrument 51-102 - Continuous Disclosure Obligations in accordance with securities laws applicable to public broadcast solicitations.
This press release and any solicitation made by Raging River in advance of the Meeting is, or will be, as applicable, made by Raging River, and not by or on behalf of the management of Taseko. All costs incurred for any solicitation will be borne by Raging River, provided that, subject to applicable law, Raging River may seek reimbursement from Taseko of Raging River's out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with a successful reconstitution of the Board.
Raging River is not soliciting proxies in connection with the Meeting at this time, and shareholders are not being asked at this time to execute proxies in favour of the Concerned Shareholder Nominees (in respect of the Meeting) or any other resolution set forth in the Requisition. Any proxies solicited by Raging River will be solicited pursuant to the Information Circular sent to shareholders of Taseko after which solicitations may be made by or on behalf of Raging River, by mail, telephone, fax, email or other electronic means, and in person by directors, officers and employees of Raging River or any proxy advisor that Raging River may retain or by the Concerned Shareholder Nominees.
Any proxies solicited by Raging River in connection with the Meeting may be revoked by instrument in writing by the shareholder giving the proxy or by its duly authorized officer or attorney, or in any other manner permitted by law and the articles of Taseko. None of Raging River or, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the Meeting, other than the election of directors to the Board.
Additional information concerning the Concerned Shareholder Nominees is contained in the press release of Raging River dated January 13, 2016, which has been filed on Taseko's SEDAR profile at .
Taseko's principal business office is 15th floor - 1040 West Georgia Street, Vancouver, British Columbia V6E 4H1. A copy of this press release may be obtained on Taseko's SEDAR profile at .
Contacts:
Media: Ian Robertson
Kingsdale Shareholder Services
Executive Vice President, Communication Strategy
Direct: 416.867.2333
Cell: 647.621.2646
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Unternehmensinformation / Kurzprofil:
Datum: 19.01.2016 - 14:22 Uhr
Sprache: Deutsch
News-ID 445021
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Personal Finance
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