Mount Kellett Comments On Baja Mining Special Meeting Results
Mount Kellett Capital Management LP (“Mount Kellett”) today confirmed that, in an exceptionally close election at today’s Special Meeting of Shareholders of Baja Mining Corp. (TSX: BAJ) (OTCQX: BAJFF) (“Baja”), its two independent shareholder nominees were not elected to the board by a margin of just one percent.
“We want to thank all our fellow shareholders for voting at the special meeting. It was extremely positive to have a near majority of shareholders aligned to support truly independent directors and a commitment to good corporate governance. We are also pleased to have had the support of the leading independent proxy advisor ISS and its recognition of the need for change at Baja.
“This election process yielded tangible accomplishments by publicizing important issues regarding corporate governance and compensation practices at Baja. As a result of our efforts, new governance policies were put in place and Baja made a commitment not to pursue a transaction with Catalyst Copper without shareholder approval, albeit under narrow circumstances.
“Our concern remains that a historical pattern of behavior by the current board introduces unnecessary risk to a copper project that has significant future value. Going forward, we will continue to hold the board and management accountable for their actions and will remain vigilant in pursuing all our options to protect shareholder value, including an audit and reconciliation of all voting results of the special meeting. We are, and will continue to be, supporters of the Boleo project and the creation of shareholder value.”About Mount Kellett Capital Management LP Mount Kellett is a multi-strategy private investment firm focused on global value, special situations and opportunistic investing. The firm has approximately 100 employees with offices in New York, Hong Kong, London, and Mumbai. The firm currently has in excess of $7 billion in assets under management.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV