Golden Chalice swallows
Golden Chalice swallows poison pill
2007-06-08 17:15 ET - News Release
Mr. Richard Hughes reports
GOLDEN CHALICE RESOURCES - SHAREHOLDER RIGHTS PLAN
Golden Chalice Resources Inc. has implemented a shareholder rights plan, subject to exchange approval. In addition, the rights plan will be presented at the next shareholders meeting for approval. The shareholder rights plan is not being implemented in response to or in contemplation of any known takeover bid or other similar transaction. The rights plan is designed to assist in maximizing shareholder value in the face of a takeover bid, to encourage the fair and equal treatment of all shareholders, and to provide the board of directors and shareholders with additional time to fully consider any unsolicited takeover bid.
The rights plan is similar to those adopted by other Canadian listed companies and is consistent with corporate practice. The rights plan is not intended to prevent takeover bids. As long as a bid meets certain requirements intended to protect the interests of all shareholders, called a permitted bid, the provisions of the rights plan will not be invoked. Details of the rights plan will be included in the company's next management information circular.
The company also announces that it has granted 530,000 options to directors and officers of the company, and 958,000 options to employees and consultants, at an exercise price of $3.25 per share for a period of five years. The options are subject to a four-month hold period expiring Oct. 9, 2007.
We seek Safe Harbor.