Sherritt International Corp. (
TSX: T.S,
Stock Forum) was up 2.3% to $3.58 Friday after the resource giant said it will hold a special meeting of shareholders on May 6, 2014 to vote on an activist investor’s slate of board nominees.
The
Toronto company said in a press release the meeting is being held at the request of George Armoyan, including Clarke Inc., which together own 5% of the shares outstanding.
Armoyan is CEO of Clarke, an investment holding firm, based in Halifax, Nova Scotia.
The requisition made by Clarke aims to remove from office four of the current independent directors of Sherritt, reducing the board from nine to seven members, and electing as directors Armoyan and two employees of his companies, Dustin Haw and Michael Rapps.
It also asks that shareholders approve a policy whereby payments made to directors to compensate them for the effects of the U.S. Helms-Burton Act be paid only if directors are actually barred from entering the U.S. as a result of the legislation.
Sherritt has mining operations in Cuba. Some of its officers and directors have been barred from the U.S. under Helms Burton, which sanctions companies that trade with Cuba.