Combatants Equity Preservation Corp. and CSA Management Ltd. have agreed to reschedule the annual meeting of Equity from March 30 to April 13. The adjournment provides both parties with time to discuss their differences, Equity President Peter Bradshaw says.
CSA launched a proxy battle against Equity management in an effort to stop a series of proposals designed to transform Equity into an operating mining finance house. Equity holds a large portfolio of junior exploration company shares which were received from the First Exploration flow-through funds.
CSA, which is Equity’s investment and exploration manager, stands to lose its advisory fee if the changes are implemented. The company, which is also a large Equity shareholder, is also concerned that the risks and costs involved with becoming an operating mining company have not been properly addressed by Equity management.
Equity argues that the changes are required in order to improve the current discount to net value which the shares trade at.
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