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Added Capital Inc. T.NFC



TSX:NFC - Post by User

Bullboard Posts
Post by venbuyon Nov 24, 2008 6:25pm
363 Views
Post# 15607512

News Release tonight for JFC

News Release tonight for JFC

Jaguar and other HudBay shareholders requisition shareholders' meeting of HudBay to replace directors

    TORONTO, Nov. 24 /CNW/ - Jaguar Financial Corporation ("Jaguar" or the
"Company") (TSX: JFC) today announced that it, along with other shareholders
of HudBay Minerals Inc. ("HudBay") holding in the aggregate more than 5% of
HudBay shares (collectively, the "Shareholders"), have requisitioned a special
meeting of shareholders of HudBay pursuant to section 143 of the Canadian
Business Corporations Act. The purpose of the meeting is to replace the
existing board of directors of HudBay with nominees proposed by the
Shareholders prior to the completion of the Business Combination (as defined
below).
Jaguar believes that the business combination between HudBay and Lundin
Mining Corporation ("Lundin" and the "Business Combination") is not in the
best interests of HudBay's shareholders. In Jaguar's view, such a combination
would dilute HudBay's shareholders by 50%, provide Lundin, a nearly insolvent
company, with a cash bailout of $136 million, and force HudBay to take on debt
of US$240 million.
Furthermore, the board of HudBay is attempting to deny HudBay's
shareholders the opportunity of voting on the Business Combination. Jaguar
believes that the Business Combination is a defensive anti-takeover device by
HudBay and Jaguar questions its legality. Jaguar believes this defensive
tactic impedes rather than creates shareholder value and breaches the
fiduciary duty owed by HudBay's directors to HudBay. "Swallowing Lundin would
provide HudBay with an effective poison pill; however, we question whether it
is legal or appropriate, particularly as HudBay's shareholders are not being
afforded the opportunity of voting on the Business Combination," stated Vic
Alboini, Chairman and Chief Executive Officer of Jaguar.
If the Shareholders are successful and a new board of directors of HudBay
is put in place, HudBay will not complete the Business Combination with
Lundin.
On Friday, November 21, 2008, Jaguar announced its intention to make an
offer to purchase all of the issued common shares of HudBay, which will be
conditional on, among other things, the Business Combination not being
completed.
Bullboard Posts