LONDON, April 12, 2019 /CNW/ -- M&G Investment Management Limited ("MAGIM") issues this press release pursuant to Part 3.1 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, with respect to Methanex Corporation (the "Issuer"). MAGIM announced today that it has entered into a cooperation agreement (the "Cooperation Agreement") between MAGIM, M&G Global Dividend Fund and M&G (Lux) Investment Funds 1 (collectively, "M&G") and the Issuer pursuant to which M&G will cease to solicit proxies in connection with the 2019 annual meeting of the Issuer to be held on April 25, 2019 (the "Annual Meeting").
Under the terms of the Cooperation Agreement, the Issuer will recommend Paul Dobson, one of M&G's director nominees, for election to the board of directors of the Issuer (the "Board") at the Annual Meeting. The Issuer will procure the resignation of Howard Balloch (the "Resigning Director") from the Board with effect from the Annual Meeting. The Resigning Director will not stand or be nominated for election at the Annual Meeting. An additional director (the "Additional Director") will be appointed to the Board after the Annual Meeting from a list to be submitted by M&G. The Issuer will increase the size of the Board's membership by one in order to appoint the Additional Director as a director of the Issuer with a term expiring at the annual meeting of shareholders of the Issuer for 2020.
MAGIM exercises control and direction over 12,738,068 common shares of the Issuer ("Shares"), representing approximately 16.49% of the current issued and outstanding Shares.
MAGIM intends to review its investments in the Issuer on a continuing basis. Depending on various factors and subject to the obligations described herein, including, without limitation, the Issuer's financial position and strategic direction, actions taken by the board of directors, price levels of the Shares, other investment opportunities available to MAGIM, concentration of positions in the portfolios managed by MAGIM, tax considerations for investors in MAGIM's funds, market conditions and general economic and industry conditions, MAGIM may take such actions with respect to its investments in the Issuer as it deems appropriate, including, without limitation, purchasing additional Shares or other financial instruments related to the Issuer or selling some or all of its beneficial or economic holdings, engaging in hedging or similar transactions with respect to the securities relating to the Issuer and/or otherwise changing its intentions with respect to the purposes of its investment in the Issuer.
A report on Form 62-103F1 - Required Disclosure under the Early Warning Requirements under Section 3.1 is being filed by MAGIM in accordance with applicable securities laws and will be available under the Issuer's profile at www.sedar.com. The head office of Methanex Corporation is 1800 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia, V6C 3M1. The address of MAGIM is Governors House, Laurence Pountney Hill, London, EC4R 0HH, United Kingdom. MAGIM is a wholly owned subsidiary of Prudential plc.
Contacts: Jeremy Punnett / Rupert Krefting
SOURCE M&G Investments