Timmins Gold reaches proxy fight settlement with Sentry

Timmins Gold (TGD -1.6%) reaches a settlement with its largest shareholder, Sentry Investments; TGD will nominate eight board members instead of the seven it previously announced, including four new independent directors with the extra spot going to a Sentry nominee.

Sentry launched a proxy fight last month, arguing TGD was underperforming and the board was rebuffing potential buyers that were interested in the company.

TD Securities says Sentry largely achieved its goals by gaining a more independent board with a strong mining background, and believes TGD will be seen as a potential takeover target going forward.

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