Is there a meeting? 2019-10-17 14:47 ET - News Release
Mr. Viraf Kapadia reports
STAR NAVIGATION RESPONDS TO INVALID NOTICE OF MEETINGS
Star Navigation Systems Group Ltd. has responded to the latest tactics of a dissident shareholder group and confirms that no special meeting of shareholders of the company will take place on Dec. 11, 2019.
The dissidents' latest initiative involves issuing two notifications of meeting and record dates on Oct. 9, 2019, one of which is purporting to set the date for a special meeting of shareholders on Dec. 11, 2019, pursuant to two invalid shareholder meeting requisitions dated Sept. 13 and Sept. 16, 2019.
The requisitions constitute the fifth time that the dissidents have submitted an invalid shareholder meeting requisition to the company. The notifications constitute the second and third time that the dissidents have inappropriately filed a notification of meeting and record date on the company's SEDAR profile, pursuant to an invalid shareholder meeting requisition.
The dissidents are conducting themselves in an inappropriate manner that is unnecessarily disruptive to the market. These actions are part of many attacks committed by the dissidents that continue to: (i) threaten the very important initiatives under way to maximize the company's potential; and (ii) undermine shareholders' rights. Indeed, these actions are jeopardizing the company's financing initiatives and continue to divert resources away from the company's operations.
As was previously announced and reiterated to the dissidents, the company's board of directors has resolved to call an annual and general meeting of shareholders on March 9, 2020.
About Star Navigation Systems Group Ltd.
Star Navigation Systems Group owns the exclusive worldwide licence to its proprietary, patented inflight safety monitoring system, STAR-ISMS, the heart of the STAR-ADS, STAR-ISAMM and STAR-LSAMM systems. Its real-time capability of tracking performance trends and predicting incident occurrence enhances aviation safety and improves fleet management while reducing costs for the operator.
We seek Safe Harbor.