June 23, 2011
- Glass Lewis is the 2nd Proxy Advisory Firm to Support the Klondex WHITE Proxy Slate -
Vancouver, BC - June 23, 2011
- Klondex Mines Ltd. (TSX: KDX)
announced today that Glass, Lewis & Co., a leading proxy advisory
firm, has also recommended that shareholders
vote FOR all of management’s nominees using the WHITE proxy card
and to “Not Vote” for the yellow proxy card dissident slate put forth
by The K2 Principal Fund group to seek control of the entire Klondex
In its conclusion, Glass Lewis stated that “shareholders are
effectively being asked to replace the entire board, an all-or-nothing
proposition that, in our view, offers little nuance when determining the
structure of the Board going forward. Considered in the full context of
the presented arguments, including the Company’s financial performance,
we do not believe the Dissident’s concerns warrant replacing the board.
Supporting its conclusion, Glass Lewis commented that Klondex’s share
price performance over the three years ended June 10, 2011, the last
trading date prior to the Dissident’s solicitation, ”
has significantly outperformed a peer composite, the S&P Global Gold Index and the S&P/TSX Composite Index - Gold.
Additionally on a historical price-to-book value multiple in 2009, 2010
and year-to-date in 2011, Glass Lewis noted that Klondex’s
price-to-book multiple exceeded that of a peer group of comparable
PROTECT YOUR INVESTMENT IN KLONDEX - VOTE YOUR WHITE PROXY
AND DISCARD THE YELLOW DISSIDENT PROXY.
For questions or assistance, please call Georgeson at 1-866-676-3009.
Blane Wilson, Klondex President and COO, commented: “Glass Lewis’s
recommendation reaffirms our view that Klondex’s director slate is a
better choice to represent the interests of Klondex shareholders than
the dissident’s slate. However,
this proxy contest is not over until final votes are cast
We urge all shareholders to make an extra effort to vote their shares.
They should call Georgeson, our proxy solicitors, with any voting
questions or concerns.”
Glass, Lewis & Co. LLC is a professional services firm that provides
proxy research, analysis and voting recommendations to institutional
investors and money managers around the world.
Permission to disclose the Glass Lewis recommendation was neither sought
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