MINING MARKETS & INVESTMENT NEWS — Horst turfed from Dayton board at annual meeting

At the annual meeting of Dayton Mining (DAY-T), dissident shareholder Manchester Securities succeeded in ousting Dayton Chairman Roland Horst and the entire board of directors.

Before the votes were cast, the atmosphere at the packed meeting was tense, and a few surreal minutes passed as Dayton’s doomed directors outlined their plans for the company.

Some 66% of the issued and outstanding shares of Dayton were represented in some form at the meeting, and about two-thirds of the votes were cast in favor of Manchester’s nominees. In descending order of votes, all of Manchester’s nominees were voted in. These include Catherine McLeod-Seltzer, David Fagin, Douglas Donald, James Askew, William Myckatyn, Paul Blythe and Herman Wilton-Siegel.

The defeated slate of nominees proposed by management comprised Horst, Richard Hall, Michael Korenberg, Robert MacDonald, Robert Fairweather and Herbert Gasser. Alfred Lenarciak did not stand for election.

Representing an aggregate 9.7% interest in Dayton, New York City-based Manchester and two related companies set the stage for the showdown by proposing the alternative slate of directors via an information circular in late May (T.N.M. June 8-14 and 15-21/98). One of Manchester’s main objections was the growing influence of Minorca Resources (MAR-T) on Dayton’s board. In February, Minorca acquired a 12.2% interest in Dayton from outgoing Dayton Chairman Wayne McClay.