Nowhere to hide.From today's National Post. One would have to be living on the moon not to hear about the failed attempt to take over Ursa. Funny thing, still nothing on the Inspiration website about the decision. Would that not constitute material news? Would management not have a fiduciary duty to inform investors?
Post says Ursa Major dissidents face legal bills
2011-06-30 09:55 ET - In the News
The Financial Post reports in its Thursday edition that dissident investors who led a proxy fight against Ursa Major Minerals have been ordered to pay $110,000 in legal bills incurred by Ursa and its adviser after they dropped a legal application at the last possible minute. The Post's Peter Koven writes the ruling by Justice David Brown of the Ontario Superior Court comes after what he described as a "nasty, brutish and short" fight for control of Ursa. In his decision, he wrote the actions of the dissidents qualified as "reprehensible conduct." Ursa's incumbent board easily defeated the two dissidents, Forbes & Manhattan Inc. and Inspiration Mining Corp. But the battle became controversial because of an unusual move by Ursa's proxy solicitor. Wes Hall, the chief executive officer of Kingsdale Shareholder Services Inc., bought a large 8.4-per-cent block of Ursa shares in the middle of the proxy battle, and the dissidents were furious as they felt that he swung momentum in the fight toward the incumbent board that he was advising. They filed a legal challenge to try to ensure that Mr. Hall's votes were not counted. Despite their vocal threats, they dropped the application at the last minute.