CAMBRIDGE, ON, March 13, 2014 /CNW/ - COM DEV International Ltd. (TSX:CDV), a leading manufacturer of space hardware subsystems, announced that the Board of Directors has adopted a new By‐Law Number 6A (the "Advance Notice By‐Law") which implements an advance notice policy (the "Advance Notice Provisions") requiring advance notice to the Corporation in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Corporation other than pursuant to: (i) the requisition of a meeting, or (ii) a shareholder proposal, both made pursuant to the provisions of the Canada Business Corporations Act (the "Act").
Among other things, the Advance Notice Provisions fix a deadline by which holders of record or beneficial holders of common shares of the Corporation must submit director nominations to the Corporation prior to any annual or special meeting of shareholders and set forth the information that a shareholder must include in the notice to the Corporation. In the case of an annual meeting of shareholders, notice to the Corporation must be provided not less than 30 days nor more than 65 days prior to the date of the annual meeting.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Corporation must be provided no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Advance Notice By‐Law, which implements the Advance Notice Provisions, is effective as of the date it was approved by the Board of Directors, being March 7, 2014. In accordance with the Act, the Advance Notice By‐Law is subject to confirmation by shareholders at the Corporation's Annual Meeting scheduled for April 23, 2014. The Advance Notice By‐Law is available under the Corporation's profile on SEDAR at www.sedar.com and can also be obtained from the Corporation. Notice of the upcoming Annual Meeting was given on February 21, 2014. Pursuant to the Advance Notice By-law, notice of a proposed nominee to the board of directors must be provided by March 24, 2014
About COM DEV
COM DEV International Ltd. (www.comdevintl.com) is a leading global provider of space hardware and services. The company has a staff of 1,200, annual revenues of $216 million, and facilities in Canada, the United Kingdom and the United States. COM DEV designs manufactures, and integrates advanced products, subsystems and microsatellites that are sold to major satellite prime contractors, government agencies and satellite operators, for use in communications, space science, remote sensing and defense applications. The company has won contracts to supply its equipment on over 900 spacecraft. COM DEV's majority-owned subsidiary, exactEarth Ltd., provides satellite data services for global maritime surveillance. The triangular logo and the word COM DEV are each registered trademarks and the property of COM DEV Ltd. All rights reserved.
SOURCE: Com Dev International Ltd.
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