TORONTO, Sept. 17, 2012 /CNW/ - Today, Forbes & Manhattan Coal Corp.
held its Annual General Meeting and the Executive Chairman, Stan
Bharti, disallowed proxy votes that supported the Concerned
Shareholders' Board nominees by an overwhelming majority.
As a result of the technical invalidation of proxy votes which the
Concerned Shareholders (Resource Capital Fund V L.P. ("RCF"),
Terrafirma Securities Holdings LL.C. and Skye Alba Pty Ltd.) believe is
improper, management's slate of directors was purportedly elected.
This means the key issues of a lack of transparency and poor corporate
governance at the Company will not be addressed. It is disappointing
the Executive Chairman failed to listen to the voice of the
shareholders, and this has resulted in the purported election of an
entrenched captive Board.
The Concerned Shareholders will now consider all possible options to
challenge the actions of the Executive Chairman and to ensure:
A capable Board with relevant industry and country experience.
Strong, independent governance to restore shareholder value. The Board must put corporate governance into action by actually being independent, and not just talking about it.
Proper oversight. A Board must be elected that will ensure management are working for the benefit of the shareholders.
Your investment is protected. The Board must be aligned with your interests as investors in the business.
Cautionary Note Regarding Forward Looking Statements
Certain statements contained herein are "forward looking statements"
within the meaning of applicable securities laws. Often, but not
always, forward-looking statements may be identified by their use of
forward-looking terminology such as the words "plans", "expects",
"expected", "projects", "believes", "anticipates", "intends",
"estimates", "scheduled" or other similar words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are not based on historical facts, but
rather on current expectations and projections about future events, and
are therefore subject to known and unknown risks, uncertainties and
other factors which could cause actual results, performances or
achievements to differ materially from future results expressed or
implied by such forward looking statements. Factors related to such
risks and uncertainties, and underlying estimates and assumptions
include, among others, the Concerned Shareholders' assessment of the
effect of the proposed changes on the Company and on the shareholders
of the Company, the timing and prospects for the implementation
thereof, general economic and market conditions, changes in law and the
ability to implement business strategies and pursue business
opportunities. Shareholders are cautioned that all forward-looking
statements involve risks and uncertainties, including those risks and
uncertainties detailed in the Company's filings with applicable
Canadian securities commissions, copies of which are available at www.sedar.com. Accordingly, undue reliance should not be placed on forward looking
statements or information. We do not expect to update forward-looking
statements or information continually as conditions change, except as
may be required by law.
SOURCE: Resource Capital Fund V L.P.
For further information:
North American Toll Free Number: 1-888-605-8411
RCF Contact: Mason Hills, Partner, +1 720 946 1444