Hudbay announced plans to host its annual meeting of shareholders. The meeting will be held May 7, with the deadline to give notice of the meeting and vote at it set for March 29.
In a news release, Hudbay also announced a shareholder rights plan had been adopted and approved by the company’s current board of directors on March 12. Under the plan, Hudbay shareholders would be ensured fair and equal treatment if Hudbay is taken over by an outside company. The plan still needs to be ratified by Hudbay shareholders within the next six months.
The release makes clear that the plan’s adoption is not due to any particular proposal for the company, adding that no pending or threatened takeover is taking place. With that said, Hudbay also addressed the ongoing situation with shareholder Waterton Global Resource Management in the release.
Last year, Waterton issued eight candidates for Hudbay’s board, seeking to replace several existing board members. Waterton also presented candidates intended for the positions of board chair and CEO of the company, potentially replacing almost all of Hudbay’s existing executive leadership.
Waterton also issued a call for a special meeting with Hudbay leadership over a rumoured purchase of a mining project in South America. Waterton’s request was not approved by Hudbay.
Under the new shareholder rights plan, Waterton’s nominations can proceed and they will be able to solicit proxies in respect of the May meeting.
