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Wed, May. 7, 10:56 AM
- Sherritt International (SHERF) won its proxy battle with George Armoyan, as all of Sherritt's board nominees were elected at yesterday's annual meeting, but the activist investor says he will keep pushing for change and is not selling his shares.
- Clarke Inc. CEO Armoyan began his campaign against Sherritt last December, claiming the company’s directors were enriching themselves while failing to create value for shareholders; he wanted to replace three existing directors with himself and two handpicked nominees.
- Armoyan was facing an uphill battle, since rising nickel prices have helped Sherritt’s stock price this year and made it harder for him to make the case that changes were needed.
Dec. 24, 2013, 7:37 AM
- Westmoreland Coal (WLB) agrees to acquire coal mining operations from Sherritt International (SHERF) for ~C$465M.
- The operations include seven producing thermal coal mines in Alberta and Saskatchewan, a 50% interest in an activated carbon plant and a char production facility which sells to barbeque briquette producers.
- Sherritt's annual coal output of ~27M tons doubles WLB's production.
- Sherritt also is selling its Canadian coal and potash royalty business to a group led by Altius Minerals for C$481M.
SHERF vs. ETF Alternatives
Sherritt is a world leader in the mining and refining of nickel from lateritic ores with operations in Canada, Cuba and Madagascar. The Corporation is the largest independent energy producer in Cuba, with extensive oil and power operations across the island. Sherritt licenses its proprietary... More
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