Second Independent Proxy Advisor Rejects BullRun’s Attempt to Gain Control of GrowMax’s Cash Reserves, Urges Shareholders to Vote FOR all of Management’s Nominees
- Glass Lewis recommends that shareholders ignore dissident slate; warns they may be “attempting to gain control of the Company’s cash balance for self-serving purposes”
- Shareholders are reminded to vote only their BLUE Proxy “FOR” the Fertimar/PrimaSea acquisition and “FOR” management’s director nominees ahead of voting deadline on September 21, 2018 at 10:00 a.m. (Calgary time), being 12:00 p.m. (Toronto time)
- Don’t delay. Vote today: For assistance with voting contact Kingsdale Advisors at 1-866-581-1479 or contactus@kingsdaleadvisors.com
TORONTO, Sept. 20, 2018 - GrowMax Resources Corp. (“GrowMax”) (TSX-V: GRO) is pleased to announce that Glass, Lewis & Co. (“Glass Lewis”), a leading independent proxy advisory firm, has recommended that GrowMax shareholders vote “FOR” all of management’s director nominees at the Company’s annual and special meeting of shareholders (the “Meeting”) on September 25, 2018.
In reaching its recommendation, Glass Lewis stated the following:
“Having evaluated the arguments lodged by the Dissident and the incumbent board’s response, we do not believe the Dissident has presented a credible and convincing case in favor of board representation.”
“The Dissident is a relatively new shareholder of the Company and is seeking to control the board but has not, in our view, articulated a clear strategy for the Company.”
“We are concerned the Dissident may be attempting to gain control of the Company’s cash balance for self-serving purposes.”
“The Dissident’s recent announcement that its nominees would seek to declare a divided of C$0.075 per share appears to conflict with the Dissident’s prior plan and does little to boost the credibility of the Dissident’s campaign.”
Glass Lewis' recommendation follows last week's report from Institutional Shareholder Services Inc. (“ISS”), which also recommended that shareholders vote in favour of management’s nominees. ISS also urged shareholders to vote “FOR” the PrimaSea acquisition, noting that the “proposed agreement makes strategic sense.”
“We’d like to thank all shareholders for their support to date. This support, along with the recommendations of the leading independent proxy advisors, is a validation of the experience and qualifications of our nominees and their stewardship of the interests of our shareholders,” said GrowMax President and CEO Stephen Keith. “As the voting deadline nears, I encourage you to vote today to save your investment from a ‘self-serving’ dissident that has not presented a credible or convincing case to earn your trust. I encourage you to vote “FOR” all of management’s nominees and “FOR” the transformative and value-enhancing PrimaSea acquisition, which has widespread support from shareholders, has been confirmed as fair by GrowMax’s financial advisor and recommended by ISS.”
VOTE TODAY TO SAVE YOUR INVESTMENT IN GROWMAX
Shareholders are reminded that the deadline to vote is fast approaching. Shareholders must submit their votes by 10:00 a.m. (Calgary time), being 12:00 p.m. (Toronto time), Friday, September 21, 2018.
Shareholders are encouraged to vote only their BLUE Proxy “FOR” the PrimaSea acquisition and “FOR” all of management’s qualified and experienced director nominees.
Shareholders are asked to vote online at www.proxyvote.com to ensure votes are received in a timely manner. If you have already voted using another proxy, you may vote again on the BLUE Proxy. The later dated BLUE Proxy will count as it supersedes any previously given proxy.
Vote BLUE today at www.proxyvote.com or by contacting Kingsdale Advisors toll free at 1-866-581-1479 or by email at contactus@kingsdaleadvisors.com. There is a team standing by to help.
For more information, please contact:
Stephen Keith, P. Eng.
President and CEO
Tel.: +1 (647) 299 0046
Email: info@growmaxcorp.com
www.growmaxcorp.com
Media Contact:
Ian Robertson
Executive Vice President, Communication Strategy
Kingsdale Advisors
Direct: +1 (416) 867-2333
Cell: +1 (647) 621-2646
Email: irobertson@kingsdaleadvisors.com
About GrowMax Resources Corp.
GrowMax Resources Corp. is a publicly listed Canadian company holding exploration assets bearing phosphate and potassium-rich brine resources on its Bayovar Property, which is located in the Sechura Desert in northwestern Peru.
GrowMax has been focusing its efforts on leveraging its existing balance sheet to consolidate junior fertilizer assets in Latin America, targeting projects with favorable margins and generating cash flow. The Company’s vision is to become a prominent player in the Latin American fertilizer industry.
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