Dissident Shareholders Agree To Withdraw Request for Shareholder Meeting After Proxy Results Show that Aberdeen Shareholders Support Current Board of Directors
TORONTO, ONTARIO--(Marketwired - Feb 2, 2015) - Aberdeen International Inc. ("Aberdeen") (AAB.TO) announces that Meson Capital Partners LLC ("Meson Capital") and Nightscape Capital (UK) LLP ("Nightscape Capital") have withdrawn their request for a meeting of the shareholders of Aberdeen, and have agreed to dismiss their court application against Aberdeen and others. As a result of this agreement, the meeting of the shareholders of Aberdeen, scheduled for February 3, 2015, has been cancelled.
As of the January 30, 2015 deadline to submit proxies for the shareholder meeting, the results of proxy voting demonstrated significant support for the current board and its plan to create long-term shareholder value in the midst of challenging market conditions.
Recognizing that Aberdeen's shareholders have spoken, Aberdeen and Meson Capital had discussions about the current board's plan to position Aberdeen for long term success. These discussions have allowed the parties to candidly address issues raised by Meson Capital and Nightscape Capital in their court application and proxy contest.
Said Ryan Morris, President of Meson Capital: "I have now spoken with Stan Bharti. I have discussed with him the financial position of Aberdeen and the board's plans going forward. At the outset of this contest I expressed concerns that Mr. Bharti was not acting in the best interests of the companies in which Forbes & Manhattan has an interest. Having initiated this process and seeing that the majority of the shareholders voted in his favour, I now realize that I was wrong. I unreservedly apologize for the prior comments I have made that called into question Mr. Bharti's integrity. I believe that the interests of Aberdeen's shareholders are best served if Meson Capital and Nightscape Capital disengage from Aberdeen, and the board is free to execute on its plan."
Said Stan Bharti, Chairman of Aberdeen: "I am pleased to have had an opportunity to discuss issues of concern to our shareholders. My door is always open. As the results of shareholder proxy voting demonstrate, I believe we have a good plan to deliver value to our shareholders in these difficult times. We will now focus on executing on our plan."
As part of a resolution of issues among Aberdeen, Meson Capital and Nightscape Capital, Meson Capital and Nightscape Capital have agreed to a five-year standstill. Aberdeen, Meson Capital and Nightscape Capital have executed a settlement agreement containing other customary terms governing the settlement of litigation. The dismissal of the application is subject to the approval of the Ontario Superior Court of Justice.
About Aberdeen
Aberdeen is a publicly traded global investment and merchant banking company focused on small cap companies in the resource sector. Aberdeen will seek to acquire significant equity participation in pre-IPO and/or early stage public resource companies with undeveloped or undervalued high-quality resources. Aberdeen will focus on companies that: (i) are in need of managerial, technical and financial resources to realize their full potential; (ii) are undervalued in foreign capital markets; and/or (iii) operate in jurisdictions with low to moderate local political risk. Aberdeen will seek to provide value-added managerial and board advisory services to companies.
For additional information, please visit our website at www.aberdeeninternational.ca and follow us on Facebook and Twitter: AberdeenAAB.
About Meson Capital and Nightscape Capital
Established in 2009, Meson Capital is a registered U.S. investment advisor based in San Francisco, USA. Meson Capital is managed by Ryan Morris, a Canadian citizen born in Toronto, Ontario.
Nightscape Capital is an FCA regulated investment advisor based in London, United Kingdom.
Cautionary Note
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, the implementation of the Company's action plan, statements regarding the business activities of the Company and possible investment opportunities, the potential of certain investments, the ability of the Company to generate additional value for shareholders, past success as an indicator of future success. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, regulatory risks and other risks described in Aberdeen's annual information form. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
