North American Palladium Reports Voting Results From Meeting of Debentureholders and Annual & Special Meeting of Shareholders
TORONTO, ONTARIO--(Marketwired - July 30, 2015) - North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(OTC PINK:PALDF) released today the final voting results of the Meeting of Debentureholders and the Annual & Special Meeting of Shareholders. Both meetings were held on July 30, 2015 in Toronto, Ontario. The Company also provided an update on the planned reconstitution of its Board of Directors upon closing of the plan of arrangement (the "Arrangement") pursuant to Section 192 of theCanada Business Corporations Act, which Arrangement is more particularly described in the management proxy circular of the Company dated June 30, 2015 (the "Circular").
As indicated by the voting results below, the Arrangement was approved at the meetings and it is anticipated that closing will occur on August 6, 2015.
At the Meeting of Debentureholders, the following matter was voted on:
1. Approval of Arrangement
Debentureholders approved the resolution approving the Arrangement. The results were as follows:
| | | | | | | |
| Votes For | | Percent | | Votes Against | | Percent |
| 26,169 | | 97.56% | | 655 | | 2.44% |
At the Annual & Special Meeting of Shareholders, the following matters were voted on:
1. Election of Directors
The following five nominees were appointed as directors of the Corporation to serve until the next annual meeting of shareholders of the Corporation, or until their successors are elected or appointed. The results were as follows:
| | | | | | | | | |
| Name of Nominee | | Votes For | | Percent | | Votes Withheld | | Percent |
| Andr J. Douchane | | 34,930,326 | | 81.43% | | 7,967,418 | | 18.57% |
| Alfred J. Hills | | 35,162,073 | | 81.97% | | 7,735,671 | | 18.03% |
| John W. Jentz | | 35,126,104 | | 81.88% | | 7,771,640 | | 18.12% |
| Robert J. Quinn | | 35,311,905 | | 82.32% | | 7,585,839 | | 17.68% |
| William J. Weymark | | 35,213,942 | | 82.09% | | 7,683,802 | | 17.91% |
All of these individuals, other than John W. Jentz, will resign on closing of the Arrangement and the Board of Directors will be reconstituted as described below.
2. Appointment of Auditors
KPMG LLP, were re-appointed as auditors of the Corporation to hold office until the next annual meeting, and the directors were authorized to set their remuneration. The results were as follows:
| | | | | | | |
| Votes For | | Percent | | Votes Withheld | | Percent |
| 170,830,629 | | 91.55% | | 15,765,117 | | 8.45% |
3. Approval of Arrangement
Shareholders approved the resolution approving the Arrangement. The results were as follows:
| | | | | | | |
| Votes For | | Percent | | Votes Against | | Percent |
| 34,927,525 | | 80.63% | | 8,391,721 | | 19.37% |