Advance notice bylaw Haven't seen anyone comment on the third part of yesterday's NR, the "advance notice bylaw". Basically it says that in order for a stockholder to nominate someone new for a BOD position or make another shareholder proposal, MMY must have notice of it by at least 30 days before the AGM before it will be considered and included.
The bylaw was passed by the BOD on Feb 24, but the news of it wasn't released to us stockholders until February 27. With the AGM scheduled for March 28 and only 28 days in February, that means that as of the release date, there aren't enough days left for any new BOD nominees or stockholder proposals to be considered at the AGM.
Way to go Baldock. Sneak this in between a shareholder rights plan and a future dividend of an unknown amount. A leopard never changes its spots.
From the PR:
Advance Notice By-Law
The Company also announces the approval by the Board on February 24, 2013 of amendments to the Company's by-laws to include an advance notice by-law number 1A (the "By-Law"), which By-Law requires advance notice to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Canada Business Corporations Act (the "Act"), or (ii) a shareholder proposal made pursuant to the provisions of the Act.
Among other things, the By-Law fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to Monument must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made no later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to Monument must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The By-Law is effective as of the date it was approved.
The full text of the By-Law is available on SEDAR at www.sedar.com.