TORONTO, Oct. 20 /CNW/ - Rosseau Asset Management Ltd. ("Rosseau") today
announced that RiskMetrics Group/ISS Governance Services ("RiskMetrics") has
recommended that shareholders of Noront Resources Ltd. ("Noront") vote for the
new slate of directors that Rosseau will be proposing for election at the
upcoming annual and special meeting of shareholders of Noront to be held on
October 28, 2008.
RiskMetrics is the leading provider of proxy voting and corporate
governance solutions to the investor marketplace. The analysis and
recommendations of RiskMetrics are relied upon by many of the world's leading
institutional investors. Rosseau understands that RiskMetrics engaged in
discussions with representatives of Noront's existing board and senior
management before recommending that Noront shareholders vote for the new slate
of directors being proposed by Rosseau and not in favour of the nominees being
proposed by Noront's management.
"We are delighted that Rosseau's slate of highly experienced and capable
director nominees, as well as our vision for the future of Noront, has
received the independent endorsement of RiskMetrics", said Mr. Warren Irwin,
the President and Chief Investment Officer of Rosseau. "We are highly
confident that the director nominees we are proposing will prevail at the
October 28, 2008 shareholders' meeting and we look forward to having those
directors in place so that they can begin the process of building Noront over
the long-term for the benefit of all Noront shareholders."
Rosseau notes that RiskMetric's recommendation that Noront shareholders
vote for the new slate of directors being proposed by Rosseau is consistent
with a report previously issued by Genuity Capital Markets, an independent
Canadian investment dealer. The Genuity analyst report dated October 10, 2008
stated, among other things:
"We believe the Rosseau action is a positive development for (Noront)
investors. Although some changes have been made to strengthen
(Noront's) management team in the past number of months, we believe a
shake-up by replacing the board is best for shareholders as greater
technical 'nickel-related' expertise and greater technical/corporate
disclosure needs to be brought to bear. ...
We believe a shake-up of the Noront board by replacing it with the
proposed Rosseau director slate would be positive and in the best
interest of (Noront) shareholders. A number of the individuals on the
proposed Rosseau director slate have previous experience on the
Aurelian board - a board which had a culture for high technical
standards and disclosure. ...
We believe the arguments made in the Rosseau (proxy circular) for
'urgent change to the Noront board' are legitimate. Although a
compromise 'balanced board' might have been possible under the right
conditions, we favour a 'clean slate' new board ...".
Noront shareholders are urged to follow RiskMetric's independent
recommendation and vote only the YELLOW proxy in favour of the election of the
Rosseau nominees named in the proxy circular of Rosseau dated October 8, 2008.
Time is short. Holders of Noront common shares are encouraged to contact
Kingsdale Shareholder Services Inc. (tel. no: 416-867-2272 (collect calls
accepted) or 1-800-749-9052 (toll-free)) with any questions or if they require
assistance in voting the YELLOW form of proxy. To ensure that their votes
count, holders of Noront common shares who wish to vote in favour of the
Rosseau Nominees are asked to send their completed, dated and signed YELLOW
proxies to Kingsdale Shareholder Services Inc. by NO LATER THAN 5:00 P.M.
(TORONTO TIME) ON THURSDAY, OCTOBER 23, 2008, either by facsimile (to fax no.
1-866-545-5580) or by delivery to Kingsdale at The Exchange Tower, 130 King
Street West, Suite 2950, P.O. Box 361, Toronto, Ontario, M5X 1C7.
For further information:
For further information: Warren B. Irwin, MBA, CFA, President and Chief
Investment Officer, Rosseau Asset Management Ltd., (416) 777-0711 (telephone),
(416) 777-0718 (facsimile)