Kirkland Lake-based explosives experts Nordex Explosives (NXX-V) have fended of an attempt by three dissident shareholders to remove the current directors of the company and replace them with the dissidents.
The current board of directors, John Kozak, president and CEO, John Huxley, Bruce Bent and Jules Roy announced on Jan. 20, that it had received a letter signed by three dissident shareholders, asking the company to hold a special meeting.
The meeting would have examined whether or not the dissidents had shareholders’ support to overthrow the current board of directors (including a fifth vacant seat) in favour of the dissidents.
After reviewing its books and records, as well as going over the requisition with its Quebec counsel, law firm Langlois Kronstrm Desjardins of Montreal, the current board decided no meeting was necessary.
The company will hold its regular annual general meeting of shareholders in May 2010, as originally planned.
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