TELESTA THERAPEUTICS INC T.TST

2013 AGM Voting Rules are Different

[RetailRube]

Voting at the November 2013 AGM will be interesting because, according to TSX rules starting in 2013, Bioniche is required to have each Board member name appear on the ballot individually.  Slate voting for the Board, which Bioniche used in November 2012, is prohibited.

That means we could get the odd result that all of the existing Board members win the election except for McRae.  McRae would vote for himself with his 8m shares, but more people might vote for Wells or someone else among the dissident directors.  Then McRae would lose because it is majority voting that decides when more people run for the Board than there are positions available, even if the ballot says "for vs withhold".

So you could vote for the sale of Animal Health by voting for most of the existing Board, but still vote against McRae and oust him from the Board.  Cool!

[rhdmd]

RR, where did you get this information. I have not received anything related to the voting. How can I make sure I will get the ballots? Fidelity somehow can not help me to register my shares. I am in the U.S.  Any suggestion? Anyone?

[RetailRube]

RHDmd, Where did I get this information?  I was researching voting rules last year to prepare for the AGM in 2012 and I discovered that the Toronto Stock Exchange changed their rules for companies listed on their exchange.  You can find many documents on this subject, written by law firms and by the TSX itself.  Google "TSX slate voting".  You will discover that