- Lawrence Asset Management announces support for new proposed slate of
- Lawrence Asset Management has withdrawn its requisition to remove the
TORONTO, June 8 /CNW/ - Lawrence Asset Management Inc. ("LAMI") is
pleased to announce its support for Homeland Energy Ltd.'s ("Homeland" or the
"Company") (TSX:HEG) recommended slate of directors being put forth for
nomination at the upcoming annual general meeting of the Company on June 30,
2009 in Toronto. In this regard LAMI will be withdrawing its requisition to
replace the existing Board of Directors.
On February 25, 2009, Lawrence Asset Management Inc. requisitioned a
meeting of shareholders with three objectives:
1. To put an end to any further attempt to acquire Appolo Fuels and
Diversified Energy - a strategy we believed to be flawed and not in
the interest of shareholders.
2. To install a Board of Directors which brings the necessary expertise
and experience to realize the long-term strategic vision of the
3. To provide a path for the company to transition to new management
more appropriate to execute on the next stage of the company's
"We believe that all of these objectives have been accomplished and the
Company is on solid footing to exploit its existing set of high-quality assets
to become one of the world's pre-eminent producers of thermal coal targeting
the high coal-consumption growth regions of Asia. We are appreciative that
management has helped accomplish this at minimal cost to the Company and its
shareholders and left the organization in excellent condition to move forward"
said Ravi Sood, President of LAMI.
"LAMI is particularly thankful for GMR Energy's active involvement in
this process and the significant commitment being shown on their part to the
future of Homeland Energy. With the backing of GMR Energy, a diversified
global energy company with a track record of value creation for all stake
holders, we are confident that Homeland will succeed in becoming one of the
world's largest and most profitable suppliers of thermal coal" added Sood.
"We are appreciative of the objectives of Mr. Sood and are pleased that
these have been achieved;" said Mr. BVN Rao, Chairman of GMR Energy and a
newly appointed director of Homeland Energy, "we look forward to working with
Mr. Sood on this project".
"We at Lawrence Asset Management are committed to the holding our
investee companies to the highest standards of corporate governance. We will
continue to be vigilant with all companies in which we are invested to make
sure our clients' best interests are served." concluded Sood.
For further information:
For further information: Catherine Stretch, Vice President, Telephone:
(416) 362-6283, Email: firstname.lastname@example.org, Please visit