TORONTO, ONTARIO October 9, 2008 Noront Resources Ltd. (“Noront”) announced that Rosseau Asset Management Ltd. (and certain related parties) (collectively, “Rosseau”), a hedge fund manager that, together with its officers and employees, owns or exercises control and direction over approximately 9.2% of Noront’s common shares, has filed a dissident’s proxy circular (the “Dissident’s Circular”) in which they ask Noront shareholders to vote against the re-election of the Company’s current Board of Directors and instead vote to elect a new slate of directors at the upcoming annual and special meeting of Noront shareholders scheduled to be held on October 28, 2008. During recent meetings between Rosseau and Noront’s management, Rosseau indicated it wanted significant changes to Noront’s Board of Directors and some senior management. As a result of these discussions, Noront formed a special committee (the “Special Committee”) of the Board of Directors to deal with this matter, composed of Paul Parisotto (Chair), Maurice Stekel and Douglas Blanchflower, all of whom are independent directors. In an effort to avoid the cost and dislocation to all Noront shareholders that would inevitably accompany a proxy fight, the Special Committee sought to address Rosseau’s concerns and attempted to negotiate a compromise position that would result in a more balanced Board of Directors than the slate of directors suggested by Rosseau. Rosseau rejected Noront’s compromise proposal and has commenced its proxy fight with the filing of the Dissident’s Circular. NORONT’S SPECIAL COMMITTEE AND BOARD OF DIRECTORS BELIEVES ROSSEAU’S ACTION IS NOT IN THE BEST INTERESTS OF NORONT SHAREHOLDERS. IT IS AN OPPORTUNISTIC ATTEMPT, IN LIGHT OF EXTRAORDINARY RECENT MARKET CONDITIONS, TO OBTAIN CONTROL OF NORONT THROUGH CONTROL OF THE BOARD OF DIRECTORS.
Ok...so two things
1) What say you now Rosseau? Are things proceeding as planned? Who is really in charge here?
2) Is there a current institutional shareholder that would like to take the lead now to file a dissident’s proxy circular (a “Dissident’s Circular”) in which they ask Noront shareholders to vote to elect a new slate of directors ....or do we have to wait until the next AGM? And if so, this would be a good time to begin planning on replacements, rather than waiting till the last minute.
RN.....I think shareholders are ready for your return....yesturday....any chance?
This is shameful....to the core....absolutely.....unequivocal
P.S. Wes, my grandma has something to say as well
Wes....this is From_Sudbury's grandma....now you listen here. I put some of my life savings into this company because I believed in what you said to the FWR shareholders about all this upside your company had to offer (that was when the shares were trading at about $2.23). And now here you are offering up shares to your friends at a huge discount. Do you not believe yourself in the worth of this company that you have to offer such deals? What do you have to say for yourself Wes. And now people are saying you outright lied to them. Wes....I am disappointed in you.......very, very disappointed. Have you no shame?
Disappointed many months ago.....now over flowing with fed-upness
I can't help but believe that whoever is calling the shots here is making a direct attempt to cause outrage among retail....well, you've certainly accomplished that.....
Wes.....we retail are pleased to announce....that you have upset us dearly...again....hopfully for the last time
