RE:New Press Release - Pelham Investment Partners LP Confirms Recommendation to Vote WITHHOLD on Board of Directors of Nickel 28 Capital Corp on YELLOW ProxyThis is getting merky. I am far from being an expert on voting majority for each director and what happens if there are more "witheld" than votes for. I found a good article on Stikeman's website that provides an explanation of the rules. For those interested:
https://www.stikeman.com/en-ca/kh/canadian-securities-law/statutory-majority-voting-requirements-to-come-into-force-for-cbca-incorporated-reporting-issuers
I guess, the board could refuse a director's resignation under "special circumstances", however that director cannot be part of the vote to accept or refuse a resignation.
What happens if all directors have to resigne? Then there is nobody to vote and maybe this is the case Pelham is trying to make here. Not clear.
Pelham however makes a good point that many things have or are changing since they started getting involved. Does it mean it would have been status quo otherwise? Most likely yes. Vote yellow proxy smartly folks!