TORONTO, March 31 Diversified miner Sherritt
International Corp urged its shareholders on Monday to
back its slate of nominees for the Canadian company's board of
directors over a slate put forward by activist investor George
Sherritt filed its proxy circular on Monday, and in a letter
to investors Chairman Harold Stephen assailed Armoyan as someone
who has no experience in Sherritt's lines of business. Stephen
also said that Armoyan has a poor track record on corporate
governance matters and no credible ideas for creating value
beyond what management is already doing.
"Between now and the proxy voting deadline, shareholders
will likely be subjected to hollow rhetoric from the dissident,"
he said, urging shareholders to "cut through this noise,
consider the qualifications of each group of director nominees
and determine which directors will act in the best interests of
Sherritt and all of its shareholders."
Sherritt is set to hold a special shareholders meeting on
May 6 to elect its board. The nickel, oil and gas producer said
the meeting was requisitioned by shareholders affiliated with
Armoyan, including Clarke Inc, which together
beneficially own some 5 percent of its shares.
Armoyan is the chief executive of Clarke, a Halifax, Nova
Scotia-based investment holding company listed on the Toronto
(Reporting by Euan Rocha; Editing by Peter Galloway)