Toromont Industries (
TSX:TIH,
StockForum), a Toronto-based firm engaged in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems, announced today that the company had amended the corporation by-laws to include an advance notice provision.
According to the
news release, “…the Advance Notice Provision creates a deadline by which holders of record of common shares of the Corporation must submit director nominations to the Corporation prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Corporation for the nominations to be valid”
The advance notice provision was created to maintain an orderly and efficient method for conducting annual or general meetings while ensuring that all shareholders get adequate advance notice of director nominations and proper information on all director nominees.
Also, shareholders will be allowed to register an informed vote after having been given reasonable time for careful deliberation.
The by-law amendment will go into effect immediately and at the next annual meeting, it will be put forward to shareholders for ratification and confirmation.
Toromont was in the news recently when
the company announced 2013 results and a 15% quarterly dividend increase.
Shares fell 4.83% to $25.01 per share on the news.
Currently there are 76.8m outstanding shares with a market cap of $1.9 billion.