Something doesn't smell rightFor months the concerned shareholder group has been jabbing Karnalyte management with numerous allegations in anticipation of the upcoming Special Meeting, and having their nominees added to the ballot.
Karnalyte punched them square in the yap with the following statement in the Management Information Circular, and no response from the csg even though shareholders should start getting their proxies / control numbers early next week to vote.
"While the Dissidents glossed over the seriousness of the breaches and simply referred to being “offside”, there were in fact significant breaches of the Company’s Code of Conduct, including disclosure of Karnalyte corporate documents and confidential/sensitive Karnalyte corporate information.
Prior to the breaches, the Dissidents were elected to the Board, which included a current Dissident nominee, Todd Rowan. What followed was depletion of the Company’s limited cash resources, poor performance, and unacceptable governance practices, including serious breaches of confidentiality and a failure to move the Company forwardin any meaningful way—including a repeated failure to meet the Nitrogen Project milestones they themselves set.
Now the Dissidents, who demonstrated a lack of concern for governance and ethical behaviour in the past, are agitating for change and feigning concern under the guise of “concerned shareholders.” This group’s previous behaviour (and even their conduct during their current ill-timed campaign to take control of Karnalyte) suggests that they are not capable of professional, responsible stewardship that would be in the best interests of all shareholders."