TORONTO, September 24, 2015 – Empire Industries Ltd. (TSX-V: EIL) (“Empire” or the “Company”) today reported the voting results from its Annual and Special Meeting of shareholders held on September 23, 2015.
All of the seven nominees proposed by management for election to the Board of Directors at the meeting and listed in the Company’s Management Information Circular dated August 14, 2015 were elected. The Directors will remain in office until the next annual meeting of shareholders, or until their successors are elected or appointed.
The results of the vote on the election of the Board of Directors are as follows:
Ian Macdonald
Votes For: 119,802,430 (99.76%)
Votes Withheld: 283,161 (0.24%)
Guy Nelson
Votes For: 119,507,430 (98.56%)
Votes Withheld: 578,161 (0.48%)
Robert Marshall
Votes For: 119,802,430 (99.76%)
Votes Withheld: 283,161 (0.24%)
Terry Quinn
Votes For: 119,802,430 (99.76%)
Votes Withheld: 283,161 (0.24%)
Jane Lin
Votes For: 119,770,340 (99.74%)
Votes Withheld: 315,251 (0.26%)
Jack Chang
Votes For: 115,297,150 (96.01%)
Votes Withheld: 4,788,441 (3.99%)
Peter White-Robinson
Votes For: 116,421,840 (96.95%)
Votes Withheld: 3,663,751 (3.05%)
Additionally, resolutions approving the following additional matters were passed at the meeting:
Fixing the number of directors to be elected at 7: passed with 99.88% of votes cast in favour.
Appointing MNP LLP as auditors of the Company: passed with 99.88% of votes cast in favour.
Approval of Company’s Stock Option Plan: passed with 95.02% of votes cast in favour.
Authorization to proceed with a share consolidation of up to 10 pre-consolidation shares for 1 post-consolidation share, at the discretion of the Board: passed with 98.85% of votes cast in favour.
“As we said when we first announced that we were seeking shareholder approval for a stock consolidation, the board will only proceed to implement such a consolidation if the conditions are right,” said Guy Nelson, Chief Executive Officer of Empire Industries. “Our shareholders granted a similar request for authority back in 2008, but the board chose not to implement a stock consolidation that year because of the stock market conditions that developed after the authority was granted. The board will again exercise its best judgement in determining when or whether to proceed with the stock consolidation, in accordance with the approval we received from our shareholders today.”
Mr. Nelson gave a presentation about the company after the formal business portion of the meeting was completed. The slideshow can be viewed on the company’s website at www.empind.com.