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by Mike Caswell

St. Elias Mines Ltd. is facing a petition in the Supreme Court of British Columbia from dissident shareholder Gilby Hastman seeking to overturn the results of the company's recent AGM. He complains that St. Elias chairman Lori McClenahan unfairly rejected dissident proxies, which represented 90 per cent of the shares voted at the meeting. He is asking for a declaration that the dissident nominees were elected or, alternatively, for a new AGM with an independent chair.

The petition comes about one month after the company's AGM, at which the dissident group proposed replacing the board with a slate led by Mr. Hastman. The dissidents said that management had taken significant stock-based compensation while the stock dropped to 11 cents from $2.

The meeting did not go well for the dissidents, however. The group claimed to have support from over half of St. Elias's shareholders, representing 64,649,933 shares, but Ms. McClenahan disallowed all of the dissident proxies. She and the other incumbent directors were then re-elected based on proxies representing just 6,727,536 shares.

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