Jaguar Mining (JAG) Announces ISS's Recommendation Regarding Bristol Investment Partners
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Jaguar Mining Inc. (NYSE: JAG) announced that Institutional Shareholder Services (ISS), an independent proxy advisory firm, has recommended that Jaguar shareholders vote FOR management's board nominees at the company's upcoming annual meeting on June 29. 2012.
ISS rejected many of the complaints of Bristol Investment Partners referred to in Jaguar's press release of June 15, 2012, and noted that Jaguar's strategic review process "does not appear to be the result of an inattentive negligent board".
ISS found that it was reasonable that the company did not "immediately jump in favour of Shandong's proposal" and that given the decline in gold equities, there would have been a "real transaction risk to Jaguar shareholders" had it done so.
The report adds that "given the conditional nature of the proposal, which granted exclusivity, break-fees to Shandong, expense reimbursement, and significant control over operations, the board's concerns appear reasonable."
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ISS rejected many of the complaints of Bristol Investment Partners referred to in Jaguar's press release of June 15, 2012, and noted that Jaguar's strategic review process "does not appear to be the result of an inattentive negligent board".
ISS found that it was reasonable that the company did not "immediately jump in favour of Shandong's proposal" and that given the decline in gold equities, there would have been a "real transaction risk to Jaguar shareholders" had it done so.
The report adds that "given the conditional nature of the proposal, which granted exclusivity, break-fees to Shandong, expense reimbursement, and significant control over operations, the board's concerns appear reasonable."
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