VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 9, 2016) -
Early momentum grows with unprecedented publicly announced shareholder support for change and election of independent nominees Paul Blythe, Randy Davenport, Henry Park and Mark Radzik now at 10.2%
Raging River owns significantly more Taseko shares than the conflicted, self-interested Hunter-Dickinson related incumbent directors combined
Raging River Capital LP ("Raging River"), announces it has increased its stake in Taseko Mines Limited (TSX:TKO)(NYSE MKT:TGB) ("Taseko") now owning close to 14 million or approximately 6.3% of the outstanding common shares. Raging River owns significantly more shares than conflicted, self-interested Hunter Dickinson related directors Ronald Thiessen, Russell Hallbauer and Robert Dickinson combined.
"Raging River is a committed shareholder who believes that with the right people and right plan, the company can create value for all shareholders. We are excited to put our money where our mouth is, increase our equity commitment in Taseko and deepen our aligment with our fellow shareholders," said Mark Radzik, Managing Partner of Raging River.
Early momentum for the new independent nominees continues to grow with public support increasing well ahead of the requisitioned meeting of shareholders to be held on May 10, 2016. Coupled with the expressed support of Vertex One Asset Management Inc., one of Taseko's largest shareholders owning 3.92% of issued and outstanding shares, public support for independent shareholder nominees Paul Blythe, Randy Davenport, Henry Park and Mark Radzik now stands at 10.2%.
"We have been overwhelmed by shareholders of all sizes thanking us for initiating change at Taseko. As a shareholder first, we are answering their call and standing up for our fellow shareholders. While we would have preferred to engage the board privately to initiate change, their failure to recognize that allegations of insider trading, self-dealing, conflicts of interest and anemic share performance are problems, means the only way to restore trust at Taseko is with a shareholder vote," Radzik added.
Raging River intends to file a beneficial ownership report on Schedule 13D with the United States Securities and Exchange Commission to disclose the beneficial ownership of 13,900,100 shares of Taseko.
Shareholders are encouraged to visit to www.atrustedtaseko.com to learn more about how the right people and right plan can create long-term value for all.
Raging River has engaged Norton Rose Fulbright Canada LLP as its legal advisor and Kingsdale Shareholder Services as its strategic and communications advisor and proxy solicitor.
The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable securities laws. Although the requisitioned general meeting of shareholders has been scheduled to take place on May 10, 2016 (the "Meeting"), shareholders are not being asked at this time to execute a proxy in favour of Raging River's director nominees (the "Concerned Shareholder Nominees") or any other resolution set forth in the requisition. In connection with the Meeting, Raging River intends to file a dissident information circular (the "Information Circular") in due course in compliance with applicable securities laws.
Notwithstanding the foregoing, Raging River is voluntarily providing the disclosure required under section 9.2(4) of National Instrument 51-102 - Continuous Disclosure Obligations in accordance with securities laws applicable to public broadcast solicitations.
This press release and any solicitation made by Raging River in advance of the Meeting is, or will be, as applicable, made by Raging River, and not by or on behalf of the management of Taseko. All costs incurred for any solicitation will be borne by Raging River, provided that, subject to applicable law, Raging River may seek reimbursement from Taseko of Raging River's out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with a successful reconstitution of the Board.
Raging River is not soliciting proxies in connection with the Meeting at this time, and shareholders are not being asked at this time to execute proxies in favour of the Concerned Shareholder Nominees (in respect of the Meeting) or any other resolution set forth in the requisition. Any proxies solicited by Raging River will be solicited pursuant to the Information Circular sent to shareholders of Taseko after which solicitations may be made by or on behalf of Raging River, by mail, telephone, fax, email or other electronic means, and in person by directors, officers and employees of Raging River or any proxy advisor that Raging River may retain or by the Concerned Shareholder Nominees.
Any proxies solicited by Raging River in connection with the Meeting may be revoked by instrument in writing by the shareholder giving the proxy or by its duly authorized officer or attorney, or in any other manner permitted by law and the articles of Taseko. None of Raging River or, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the Meeting, other than the election of directors to the Board.
Additional information concerning the Concerned Shareholder Nominees is contained in the press release of Raging River dated January 13, 2016.
Taseko's principal business office is 15th floor - 1040 West Georgia Street, Vancouver, British Columbia V6E 4H1.