Concerned Shareholders of New Millennium Announce Campaign to Save New Millennium and Growing Shareholder Support
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 01/04/16 --
Susan Milton and Greg Chorny (the "Concerned Shareholders" or "we"), together with other members of the Milton family, own approximately 7.02% of the outstanding common shares of New Millennium Iron Corp. ("NML" or the "Company"), and have announced that they will mail today a preliminary circular in connection with the March 15, 2016 special meeting of shareholders (the "Meeting"). The Meeting was requisitioned by the Milton family for the purpose of reconstituting the board of NML (the "Board") by replacing all of the directors of NML (other than representatives of Tata Steel Limited) (the "Unelected Directors") with four new independent directors to bring about much needed change.
For further background on the reasons for our requisition and information regarding the need to save NML from the current management and Board, we strongly recommend you visit our website at .
We believe that the Company has set a record date of February 12, 2016 for the Meeting in order to delay our ability to fully solicit shareholders. This strategy will not work. We are seeking your immediate support by urging you to either sign and return the support letter attached to the circular that will be mailed today, or complete the document on our website. We intend to mail our proxy shortly after the February 12, 2016 record date and after NML has issued its management circular, at which time the final Concerned Shareholders'' circular will be accompanied by a BLUE form of proxy. The final Concerned Shareholders'' circular will also provide you with details regarding our concerns with management and set out further information and a timeline for our new strategic plan.
OUR PLAN
The focus of our plan for the Company will be to cut operational expenses dramatically, while maintaining key relationships and preserving value. The cuts will start with management and Board compensation, which will be dramatically reduced and in so doing we will propose that no cash compensation be paid to our nominees on the Board.
In light of the current and predicted price for iron ore and pellets, we believe that any other plan would be negligent and delusional.
We expect that the new Board will examine all alternatives to enhance shareholder value, and in so doing would have no pre-conceived idea of what it will take to enhance shareholder value. They will work for the benefit of all shareholders with a focus on increasing stock price and not be concerned with compensation from the Company. Since management and the current Board only hold 1.17% of the issued and outstanding shares, it is not surprising that they are focused on compensation rather than the long-term value of the Company.
We have no doubt that management and the current Board will, over the coming weeks, outline to you changes that are based on our plan, but claim them as their own. We have great confidence that our fellow shareholders will not judge the current Board and management by their words and actions that result from the changes that we have been forced to seek, but by their track record of abysmal performance, unacceptable disclosure and poor governance.
GROWING SUPPORT FROM SHAREHOLDERS
Since we began this process on November 20, 2015 to enhance shareholder value, we have received positive feedback from all those we have spoken to. Our support continues to grow and we believe we now have a support level of well over 20% of the outstanding NML shares. However, even with this initial strong show of support, we still value and require the support of ALL shareholders to ensure necessary change is realized.
THE CONCERNED SHAREHOLDERS'' INDEPENDENT BOARD NOMINEES
The Concerned Shareholders believe that it is time for new independent leadership on the Board. We propose to remove each of the Unelected Directors, namely Lee C.G. Nichols, Robert Patzelt, Pierre Seccareccia, Kevin Bullock, Mario Caron and Howard Lutley (or their respective appointed successor(s)), as directors of NML and elect the following four new independent directors to the Board:
If elected, each nominee would serve until the next annual meeting of shareholders or until his or her successor is elected or appointed.
Once again, we urge all shareholders to visit and show your support by executing the support letter. This action, in addition to the completion of the BLUE proxy which will be sent to shareholders in February, will help ensure the much needed change and replacement of an entrenched broad whose focus remains on their compensation, not enhancing long-term shareholder value. Please join us to change the failed strategic plan of NML and finally bring shareholders what they deserve.
Contacts:
D.F. King Canada
North Americna Toll Free Phone: 1-800-240-0617
Banks, Brokers and collect calls: 201-806-7301
Toll Free: 1-888-509-5907 (FAX)
The Concerned Shareholders
Susan Milton
403-604-0874
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Datum: 04.01.2016 - 05:00 Uhr
Sprache: Deutsch
News-ID 1406818
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Mining & Metals
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