St. Genevieve agrees to adopt poison pill

Directors at St. Genevieve Resources (TSE) have agreed to adopt a shareholder protection rights plan. St. Genevieve says the overall objective of the plan is to discourage “unfair” takeover tactics and, in the event of an unsolicited bid, to give management time to pursue alternatives. St. Genevieve says it is unaware of any takeover threats. The plan will be put to shareholders at the annual meeting on June 28. The company reported a 1989 year-end loss of $2.68 million (25 cents per share), compared with a loss of $8.75 million (62 cents per share) in 1988. By contrast, St. Genevieve received a net income of $1.67 million (7 cents per share) in the first quarter of 1990, compared with a net loss of $2 million (13 cents per share) at the same time last year. The losses are largely a result of a decline in the price in gold and a temporary production slowdown at the Chimo mine, while the first-quarter gain is attributed to an increase in minority interest.