Caldwell Partners International Inc. (CWL.TO) announced that its shareholders rejected a resolution to reduce the Stated Capital of its Common Shares by 75%. Had the resolution passed, approximately $12 million of Stated Capital would have been reclassified as Contributed Surplus. As a result of this rejection, the Company said that it remains unable to consider declaring a dividend or making application to the Toronto Stock Exchange for approval of a Normal Course Issuer Bid.
"The rejection of this resolution by shareholders is both surprising and disappointing. Heading into the meeting, based on proxy results from 42% of shares eligible to vote, 99.7% of shareholders were in favour if this restatement which would have allowed the Company to declare a dividend," said Edmund King, Chairman of the Board.
"However, with 65% of shares represented in person or by proxy at the meeting, the final outcome was 66.4% in favour, just short of the 66.7% majority required for the motion to carry. It should be noted that 35% of the shares eligible to vote did not do so," said Edmund King.
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