Aurizon Mines announces hearing of shareholder rights plan

theflyonthewall.com

The board of Aurizon Mines announced that the British Columbia Securities Commission, or the BCSC, will hold a hearing on February 18 in response to an application made by Alamos Gold for an order to cease trade Aurizon's shareholder rights plan. The Rights Plan was adopted by Aurizon on January 22. Aurizon is preparing submissions to the BCSC to oppose Alamos' application, which follows Alamos' January 14 unsolicited take-over bid for all of Aurizon's shares. The Rights Plan is needed in order to provide sufficient time for Aurizon to explore value-enhancing strategic alternatives. The board firmly maintains that the Rights Plan continues to be in the best interests of Aurizon and its shareholders. As noted in Aurizon's February 8 press release, a number of parties have entered into confidentiality agreements with the company and are in the process of conducting diligence and making site visits. The Shareholder Rights Plan is important to ensure the Board has adequate time to consider these and all other potential alternatives to the Alamos offer. The Rights Plan also ensures that all shareholders receive equal treatment in the event of an unsolicited offer. The board did not adopt the Rights Plan to prevent a take-over of the company, to secure the continuance of anagement or the directors or to deter fair offers for Aurizon shares.

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