Van Sun saysVan Sun says fund manager keeps up pressure on HudBay
2009-03-20 09:30 ET - In the News
The Vancouver Sun reports in its Friday edition that SRM Global Master Fund, which has launched a proxy battle to oust the board of directors at Canada's HudBay Minerals, urged shareholders again on Thursday to vote in favour of the slate of directors it has proposed. The unbylined item says that SRM wants the return of former HudBay chief executive officer Peter Jones. SRM said in Thursday's statement to shareholders that its nominees have articulated a clear strategy to restore market confidence in HudBay and to return the base metals miner to growth. Advisory firm RiskMetrics Group has recommended that shareholders vote in favour of the SRM slate. Another proxy advisory firm, Glass Lewis & Co, has recommended that shareholders reject the SRM slate, as it considers the removal of the entire board a drastic step that could potentially hurt shareholder value.