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CALGARY, March 27, 2014 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Corporation") is pleased to announce that its Board of Directors has approved the adoption of an advance notice by-law (the "By-law"), which requires advance notice to the Corporation in circumstances where nominations of persons for election as a director of the Corporation are made by shareholders other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Alberta) (the "ABCA"); or (ii) a shareholder proposal made pursuant to the provisions of the ABCA.
Among other things, the By-law fixes a deadline by which shareholders must submit a notice of director nominations to the Corporation prior to any annual general or special meeting of shareholders where directors are to be elected and sets forth the information that a shareholder must include in the notice for it to be valid.
Shareholders will be asked to confirm and ratify the By-law at the Corporation's Annual General and Special Meeting on May 13, 2014 (the "Meeting"). A copy of the By-law has been filed and is available under the Corporation's profile at www.sedar.com. The By-Law is effective immediately and will remain in effect until they are confirmed, confirmed as amended or rejected by shareholders at the Meeting.
The Corporation believes that adopting the By-law is considered to be good corporate governance as it provides a clear and transparent process for all shareholders to follow if they intend to nominate directors and it ensures that all shareholders receive adequate notice of director nominations with sufficient information with respect to all nominees. This allows the Corporation and its shareholders to evaluate the proposed nominees' qualifications and suitability as directors, which further allows shareholders to cast an informed vote for the election of directors.
About High Arctic
The Corporation is a provider of specialized oilfield equipment and services for drilling, completion and work over operations. Based in Alberta, High Arctic has operations throughout Western Canada and in Papua New Guinea. The Corporation's most recent investor presentation can be found at www.haes.ca.
SOURCE: High Arctic Energy Services Inc.
For further information: Further Information: Ken Olson, Chief Financial Officer, Phone: 403 580 7836 ext 103, Email: firstname.lastname@example.org