EGREGIOUS SHAREHOLDER VALUE DESTRUCTION
LONDON, Sept. 15, 2016 /CNW/ - Stirling Funds are a family of global value-focused funds that invest with the objective of achieving long-term capital appreciation. Stirling Funds are holders of greater than 5% of the outstanding shares of Canexus Corp.
Stirling Funds are troubled with the conduct of the Canexus Board of directors and management in not fulfilling their fiduciary duties to maximize value for all stakeholders.
Let's examine the facts:
- Canexus was not able to secure a reverse break fee in the failed Superior Plus Corp transaction.
- Chemtrade Logistics Income Fund (TSX: CHE.UN) has expressed interest in acquiring Canexus "at the right price". Canexus has ostensibly not explored this interest and rather it has embarked on a convertible debenture making the company less attractive to potential suiters thereby destroying shareholder value.
Stirling Funds is considering remedies on behalf of all shareholders including but not limited to calling a special meeting.
SOURCE The Stirling Funds
For further information: The Stirling Funds, London, England, Gordon Flatt, Chief Investment Officer, +44 3239 9932, [email protected]