Timmins Gold Announces Settlement With Sentry Investments
July 2, 2014 (Source: Marketwired) — Timmins Gold Corp. (TSX:TMM)(NYSE MKT:TGD) (“Timmins Gold” or the “Company”) announced today that it has reached a settlement with its largest shareholder, Sentry Investments Inc. The settlement ends a contested proxy solicitation for the election of directors at Timmins Gold’s Annual General and Special Meeting of Shareholders scheduled for July 31, 2014.
As part of the settlement, Timmins Gold will nominate eight Board members instead of seven as previously announced. The nominees are George Brack, Bruce Bragagnolo, Bryan Coates, Stephen Lang, Luc Lessard, Paula Rogers and Jose Vizquerra Benavides, the seven Timmins Gold nominees previously announced, as well as Anthony Hawkshaw, who was previously a Sentry nominee. Sentry has agreed to vote its shares, representing 17% of the Company’s issued and outstanding shares, for the election of all eight Timmins Gold nominees.
“We are very pleased to have reached a constructive resolution to the dispute. Sentry’s actions accelerated our efforts at Board renewal and have resulted in a Board with deep industry expertise and greater independence,” said Paula Rogers, Chair of the Timmins Gold Special Committee of independent directors. “The eight Timmins Gold nominees intend to work closely together to create value for all shareholders.”
Said Kevin MacLean, Senior Vice-President and Senior Portfolio Manager at Sentry, “Timmins Gold has assembled an excellent group of experienced and independent mining industry professionals to guide the Company. I congratulate the Company and the Special Committee for its efforts, the high quality of its nominees and its willingness to take Sentry’s objectives and concerns into account.”
Added Bruce Bragagnolo, Timmins Gold’s Chief Executive Officer, “With this agreement we can move forward without the expense and distraction of a continuing proxy contest. We will continue to execute on and evaluate Timmins Gold’s business strategy, which has delivered superior performance and shareholder return.”
Timmins Gold expects to mail a supplement to its previously mailed Management Information Circular in due course, a copy of which will also be available on SEDAR at www.sedar.com and on the Company’s website at www.timminsgold.com. The supplement to the Management Information Circular will include information required by applicable securities law on all eight Timmins Gold nominees.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>