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TORONTO, March 20, 2013 (GLOBE NEWSWIRE) -- Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN) (the "
Company"), a North American transportation firm, today announced that it will hold an annual and special meeting of shareholders (the "
Meeting") on May 15, 2013.
The Company also announces that the board of directors of the Company (the "
Board") has approved amendments to the Company's by-laws so as to ensure that the Company's by-laws remain consistent with the current provisions of the
Business Corporations Act (Ontario) (the "
Act") and good corporate governance practices. In addition, the by-laws include advance notice provisions (the "
Advance Notice Provisions") which require that advance notice be provided to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting of shareholders made pursuant to the provisions of the Act; or (ii) a shareholder proposal made pursuant to the provisions of the Act.
The purpose of the Advance Notice Provisions is to foster a variety of interests of the shareholders and the Company by ensuring that all shareholders - including those participating in a meeting by proxy rather than in person - receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. In addition, the Advance Notice Provisions should assist in facilitating an orderly and efficient meeting process. The Advance Notice Provisions provide shareholders, directors and management of the Company with a clear framework for nominating directors. Among other things, the Advance Notice Provisions fix a deadline by which holders of common shares must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the minimum information that a shareholder must include in the notice to the Company for the notice to be in proper written form.