TORONTO, Sept. 26, 2013 /CNW/ - Mr. Natale Rea and Rea Holdings Inc. announced today that a Statement of Claim has been filed in the Ontario Superior Court of Justice (Commercial List) commencing legal proceedings against Martinrea International Inc. ("Martinrea"), certain of its directors and senior officers and others. The plaintiffs in the action, including Mr. Rea and Rea Holdings Inc., are all current or former shareholders of Martinrea. Mr. Rea was also Vice Chairman of Martinrea until June 2012.
In the Statement of Claim, the plaintiffs allege, among other things, that the defendant directors and senior officers of Martinrea breached their fiduciary duties to Martinrea in relation to a series of related party transactions involving certain suppliers and customers of Martinrea and certain payments allegedly made in connection with such transactions.
Mr. Rea believes that a new board of directors is required at Martinrea to properly protect the interests of its shareholders and enhance value for all Martinrea shareholders. Mr. Rea is considering the actions necessary to permit Martinrea's shareholders to reconstitute its board of directors including the requisition of a special shareholders' meeting to remove Martinrea's existing directors and elect new directors in their place.
SOURCE: Rea Holdings Inc.
For further information:
G. Wesley Voorheis
VC & Co. Incorporated