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West Palm Beach (HedgeCo.net) – Hedge fund manager Rosseau Asset Management Ltd. and certain related parties have filed a dissident’s proxy circular (the "Dissident’s Circular") to Noront Resources Ltd., in which the hedge fund group controls over approximately 9.2% of common shares.
Rosseau asks Noront’s 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 meeting of shareholders scheduled to be held on October 28, 2008.
During recent meetings between Rosseau and Noront’s management, the hedge fund manager indicated it wanted significant changes to Noront’s Board of Directors and some senior management.
Rosseau rejected Noront’s compromise proposal and has commenced its proxy fight with the filing of the Dissident’s Circular, saying, "Rosseau’s action is not in the best interest of shareholders. It is an opportunistic attempt, in light of extraordinary recent market conditions……Norent will respond (to the circular) shortly."
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Miami Herald- CSX is resuming its annual meeting in Jacksonville, but it is uncertain what will be on the agenda.
When the board met in June in New Orleans, it halted the meeting so it could continue counting votes for a slate of directors pushed by hedges fund. CSX rescheduled the meeting for Friday.
CSX said last week that preliminary results of the vote showed four of the five directors pushed by hedge funds had been elected.
But Chairman Michael Ward said the new directors cannot be seated until a court proxy battle wraps up. The hedge funds say the railroad company is stalling.
New York Post- New York hedge fund Ramius took a bite out of CKE Restaurants Inc. – the owner of burger joints Hardee’s and Carl’s Jr. – with a scathing letter sent to CEO Andrew Puzder.
Blasting him for the company’s "suboptimal performance," Ramius vowed to vote against Puzder and three other directors at the company’s annual meeting tomorrow because "shareholders deserve better."
Ramius is asking Puzder to outline his plans for improving the stock price, which is down 47 percent in the last year, closing at $11.98 yesterday.
Bizjournals.com- CSX Corp. and the activist hedge funds engaged in a proxy contest with the railroad will make their cases to gain the recommendation of a company many institutional investors rely on when casting shareholder votes.
RiskMetrics Group, a proxy advisory company, will hold a special governance forum at 11 a.m. June 9 in anticipation of CSX’s annual meeting June 25 in New Orleans. The forum, to be webcast, will involve representatives of CSX (NYSE: CSX) and hedge funds The Children’s Investment Fund Management LLP and 3G Capital Partners Ltd.
The hedge funds have teamed to nominate five people to CSX’s 12-member board and make several shareholder proposals.
Reuters – Conseco Inc on Thursday rejected hedge fund Steel Partners’ request to raise its shareholding in the insurance company to as much as 22 percent, saying the proposal could reduce its "financial flexibility."
Conseco told Steel Partners in a publicly disclosed letter that "it is not in the interests of all shareholders" for one stockholder to hold over 10 percent of the Carmel, Indiana-based company.
Steel Partners, which holds about 9.8 percent of Conseco, told the U.S. life and accident insurer that it wanted approval to more than double its holding, saying it has been "slow to implement the strategic review process" that it previously disclosed.
Conseco responded that its "review of strategic alternatives" is "the highest priority" for the company and that "we strongly disagree with the suggestions to the contrary."
Steel Partners is pushing Conseco to improve its return on equity, according to public filings.
At the company’s annual meeting May 21, shareholders reelected 10 directors to serve terms expiring at next year’s annual meeting.
