CALGARY, Aug. 20, 2015 /CNW/ - Rodney L. Birnie-Browne, Cheryl K. Birnie-Browne and David J. Boomer (collectively the "Requisitioning Shareholders"), holders in the aggregate of not less than 5% of all of the issued and outstanding common shares of Cordy Oilfield Services Inc. ("Cordy") announced today that they have formally requisitioned the board of directors of Cordy to call the 2015 annual general meeting of the shareholders of Cordy.
The 2014 annual general and special meeting of the shareholders of Cordy was held on May 7, 2014 (the "Last Meeting") and, to date, more than 15 months have elapsed since the Last Meeting.
Contrary to section 132(1) of the Business Corporations Act Alberta (the "Act"), the board of directors of Cordy have failed to call the 2015 annual general meeting of the shareholders of Cordy within the prescribed time.
On August 18, 2015, pursuant to section 142 of the Act, the Requisitioning Shareholders sent a formal requisition (the "Requisition") to Cordy, to the board of directors of Cordy and to corporate counsel of Cordy demanding that the board of Directors call the 2015 annual general meeting (the "AGM") for the following purpose:
- To receive the financial statements of the Corporation for the year ended December 31, 2014, together with the report of the auditors thereon;
- To pass an ordinary resolution of the shareholders to fix the number of directors of the Corporation to be elected;
- To elect the directors of the Corporation for the ensuing year;
- To appoint the auditors for the ensuing year and authorize the directors to fix the remuneration to be paid to the auditors; and
- To transact such other business as may properly be brought before the Meeting or any adjournment thereof.
The current board of directors of Cordy are obligated under subsection 142(3) of the Act to call the AGM upon receipt of the Requisition. If not called within 21 days by the Board of Directors, the AGM will be called by the Requisitioning Shareholders, as per subsection 142(4) of the Act. Should the Requisitioning Shareholders be forced to call the meeting, then the Requisitioning Shareholders shall be entitled under subsection 142(6) of the Act to be reimbursed by Cordy for all of the Requisitioning Shareholders' reasonably incurred expenses in requisitioning, calling and holding the AGM.
SOURCE Shareholders of Cordy Oilfield Services Inc.
For further information:
Rodney L. Birnie-Browne