Sherritt International today reported a first-quarter 2014 loss of $48.2 million, compared to earnings of $23.1 million for first-quarter 2013. Earnings were affected by the impact of higher financing expense related to foreign exchange losses as a result of the weakening of the Canadian dollar against the U.S. dollar ($9.8 million, after-tax, or $0.03 per share), and by depreciation, depletion, and amortization being [...]
Sherritt today advised shareholders to simply ignore dissident nominee George Armoyan's latest false and inflammatory communication. Sherritt obviously takes great exception to Mr. Armoyan's characterization of the facts but does not intend to rehash these issues yet again. Sherritt is disappointed by Mr. Armoyan's propensity to continue to make reckless and unfounded allegations, which is neither consistent with serving [...]
Sherritt commented on dissident shareholder Clarke Inc.'s disclosure that it sent a letter to the Ontario Securities Commission today regarding the Corporation's Annual and Special Meeting of Shareholders. Clarke Inc.'s letter to the OSC is wholly without merit and is a transparent attempt to somehow revive a sputtering dissident campaign by unfairly and inappropriately trying to cast a negative light on the Corporation.
Sherritt today announced it completed the divestiture of its Coal business. "This transaction benefits Sherritt by rationalizing our asset base, significantly enhancing liquidity and providing the opportunity to strengthen our balance sheet," said David Pathe, Chief Executive Officer. "We are continuing to execute on our strategy to build positive momentum and create sustainable shareholder value." A significant portion [...]
Sherritt announced today that Glass, Lewis & Co. has recommended that its clients vote FOR all of Sherritt's director nominees and resolutions, using only Sherritt's BLUE proxy. Glass Lewis' recommendation follows a similar recommendation from Institutional Shareholder Services, on April 21, 2014. "This is a second important endorsement from a leading independent third party proxy advisor," said Harold Stephen, Chairman [...]
Sherritt today issued a letter to shareholders. With the proxy voting deadline of 5:00 p.m. on Friday, May 2, 2014 fast approaching, shareholders are urged to vote the BLUE proxy today. The letter to shareholders follows: Dear Fellow Shareholders, The voting deadline for the Sherritt Board of Directors is approaching fast - the future of your company is in your hands. Sherritt has positive momentum in its operations, in [...]
Sherritt announced today that Institutional Shareholder Services has recommended that its clients vote FOR all of Sherritt's director nominees and resolutions, using only Sherritt's BLUE proxy. ISS has also recommended that shareholders do NOT vote using the green dissident proxy. ISS is a leading independent international corporate governance analysis and proxy voting firm. ISS recommendations are intended to assist [...]
Sherritt announced today that it has published and is in the process of mailing a letter to shareholders. The letter contains important information regarding positive momentum at Sherritt and the Board's multiple attempts to reach a settlement. It also discusses how at no time did Sherritt commit to put Mr. Armoyan on its Board, and that a third party in question has confirmed to Sherritt, in writing, that from its [...]
Sherritt International Corporation First-Quarter 2014 Results Release: April 30, 2014, before markets open. Conference Call and Webcast: April 30, 2014, 2:00 p.m. ET. Conference Call and Webcast Speakers: David Pathe, President and CEO. Dean Chambers, EVP and CFO. An archive of the webcast will also be available on the website. The conference call will be available for replay until
Sherritt International provided the following in response to yesterday's press release by dissident shareholder George Armoyan and his continuing attempts to confuse and mislead shareholders in regards to the shareholder meeting requisition and dissident nomination process. "Mr. Armoyan appears to be making every effort to confuse the issues," said Harold (Hap) Stephen, Chairman of Sherritt. "There are a few very simple [...]
Sherritt provided the following in response to today's disclosure by dissident shareholder George Armoyan. "Sherritt has positive momentum on the basis of a disciplined plan to pay down debt, cut costs and focus on areas of core expertise, with improved operating performance and an improved production and commodity outlook," said Harold Stephen, Chairman of Sherritt. "A series of positive analyst and media reports [...]
Sherritt International Corporation announced today that it has filed a letter to shareholders and its proxy circular. "Sherritt is gaining momentum with a disciplined strategy to pay down debt, cut costs and focus on our core areas of expertise," said Harold (Hap) Stephen, Chairman, Sherritt. "Now, a dissident shareholder with no experience in Sherritt's lines of business, a poor track record on corporate governance, no [...]
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