Sherritt International (TSX:S, Stock Forum), a Toronto-based mineral resource firm operating mainly in Canada and Cuba, added another chapter to the acrimonious difference of opinion between it and dissident shareholder George Armoyan.
According to the news release, the company issued a response to yesterday's press release made by Mr. Armoyan and cited his release as an on-going effort to confuse and mislead shareholders in relation to the shareholder meeting requisition and dissident nomination process.
The company drew a line in the sand regarding what it felt was fact versus fiction regarding Mr. Armoyan's actions since December 23, 2013 when the corporate dust up began with George Armoyan via Clarke Inc requisitioning a shareholder meeting which included the proposal that he and two of his employees, Dustin Haw and Michael Rapps, be put up for election as dissident director nominees.
According to Sherritt, it wasn't until March 24, 2014 during a personal meeting between Mr. Rapps and company chairman, Hap Steven, and director, Peter Gillin, that there was any mention of a 'slate of nominees' to be put forward by Clarke, but there was no indication at the time that either Mr. Haw or Mr. Rapps would be withdrawn as dissident director nominees.
After the company released its circular, Clarke followed up with a press release indicating that Mr. Haw and Mr. Rapps would be withdrawn but there was no indication who would take their place as nominees. Then three days later, 101 days after the requisition, Clarke published another release naming a slate of nominees that did not include either of the previously mentioned candidates.
Then on April 10, 2014, Clarke issued a press release accusing Sherritt of acting improperly by releasing its circular naming Mr. Haw and Mr. Rapps as nominees which the company claimed was 'blatantly false and an offensive charge'.
The company also put forward that Clarke had never, at any time, withdrawn Mr. Rapps and Mr. Haw as dissident nominees.
Sherritt was in the news recently when the company responded to Mr. Armoyan two days ago.
Shares were up 3.52% on the news to $4.41 per share.
Currently there are 297.3m outstanding shares with a market cap of $1.3 billion.