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by Mike Caswell
Ximen Mining Corp. has fended off a shareholder oppression action brought in the Supreme Court of British Columbia by dissident Robert Allan Slaughter and others. A judge has ruled that there were no irregularities with the way the company issued shares ahead of a contested annual general meeting in 2017. At the time of the share issuance, nobody expected the meeting to be contentious, the judge has determined.
The ruling comes as part of a petition filed at the Vancouver courthouse by Mr. Slaughter and eight others. They had claimed that Ximen unfairly prevented them from voting all of their shares at the company's 2017 AGM. The company delayed the conversion of debentures that the group held until the day after the record date for the meeting, the petition claimed.
The case was heard over two days in January, 2018, by Supreme court Justice Ronald Skolrood, who has decided the matter entirely in Ximen's favour. In a ruling released on Wednesday, April 11, the judge has determined that the company had no reason to manipulate the share issuance. At the time the company issued the stock, it was unaware that anybody was planning to contest its AGM. There was nothing controversial on the agenda, and Mr. Slaughter had not given notice that he intended to put forward a dissident slate.
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