Laurel
Hill Congratulates RX Exploration Inc. on the Election of their
Management Nominated Slate of Directors in the Recent Proxy Contest.
Laurel Hill further extends 2010 undefeated proxy contest win record to 8-0
ONTARIO, VANCOUVER, BRITISH COLUMBIA and NEW YORK CITY, NEW YORK--
(Marketwire - July 21, 2011) - The Laurel Hill Advisory Group
("Laurel
Hill") congratulates RX Exploration Inc. ("RXE") on attaining majority
shareholder support for their management nominated board of directors
after a proxy contest was initiated by a group of dissident shareholders
attempting to take control. The outcome is noteworthy as the dissidents
claimed proxy support earlier in the contest of close to 50% of the
issued and outstanding shares. At the conclusion, 89.5% of the issued
and outstanding shares were voted, with 55.8% in favour of the
management nominated slate.
Shareholder
meetings continue to be utilised as a battleground between management
and dissident shareholders, often highlighting differing views of
corporate direction. Contests for control of the board represent one of
the most challenging situations a corporation will face, as the outcome
often has a critical impact on its leadership and strategic direction.
Similar to a complex merger/acquisition, the stakes are extremely high
and having the right team in place can positively influence the outcome.
"The
Laurel Hill team congratulates RXE's board of directors, and newly
named President & Chief Executive Officer Darren Blasutti, on their
highly effective efforts in communicating and educating shareholders on
extremely critical issues in a very brief timeframe, while continuing to
focus on the day to day business" commented Brad Allen, Senior
Vice-President of Laurel Hill. "Once all the facts were known, a solid
majority of RXE's shareholders determined that their interests were best
served by the management nominated board."
Darren
Blasutti, President and Chief Executive Officer stated, "In conjunction
with our other advisors, Laurel Hill's experience and expertise were
critical in driving the significant level of voting participation and
final results. Having received solid approval from our shareholders, we
are working expeditiously to deliver the full potential of the Company's
main asset, the Drumlummon gold project."
With
this latest client win, Laurel Hill further extends their win record to
8-0, continuing an undefeated 2010 record in proxy contests for control
of the board.
For more information visit www.laurelhill.com, or contact us at info@laurelhill.com.
If you would like to speak to one of our representatives directly, for
Eastern Canada please call Brad Allen at (416) 637-4614 or for Western
Canada please call David Salmon at (778) 370-1388. In the US please contact John O’Grady directly at (917) 338-3187.