TORONTO, May 24, 2013 /PRNewswire/ - Mood Media Corporation (ISIN: CA61534J1057) (TSX: MM / LSE AIM: MM) ("Mood Media" or the "Corporation") announced today the approval and adoption by its board of directors (the "Board") of an advance notice by-law (the "By-Law"), the purpose of which is to require advance notice be provided to the Corporation in circumstances where nominations of persons for election to the Board are made by shareholders of the Corporation.
The purpose of the By-Law is to provide shareholders, directors and management of the Corporation with a clear framework for nominating directors. Among other things, the By-Law fixes a deadline by which holders of common shares of the Corporation must submit director nominations to the Corporation 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 Corporation for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Corporation must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Corporation must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.