Tag archives: requisition

Court dismisses petition for a court-ordered shareholders meeting with independent chair in lieu of a meeting requisitioned by shareholders

Photo of Andrea BrewerBy Andrea Brewer and The Special Situations Team on Posted in Uncategorized
In a dispute between three petitioning directors (the Petitioners) and three requisitioning shareholders (two of whom were also directors) (the Requisitioning Shareholders) of Photon Control Inc. (Photon) (TSX-V: PHO), the Petitioners asked the British Columbia Supreme Court (the Court) to exercise its powers under the Business Corporations Act (British Columbia) (the Act) to intervene in … Continue reading

Battles for Control of a Company: Practical Lessons from Wells v. Bioniche Life Sciences Inc.

Photo of Trevor ZeylBy Trevor Zeyl on Posted in Corporate Finance, Corporate Governance, Litigation, Proxy Battles, Securities, Shareholder Activism
In Wells v. Bioniche Life Sciences Inc., a group of dissident shareholders attempted to gain control of Bioniche Life Sciences Inc. (the “Company”) by requisitioning a shareholders’ meeting to replace the Company’s management. Bioniche’s Board of Directors resisted the Dissidents, and the parties eventually came before Justice D. M. Brown of the Ontario Superior Court … Continue reading

Why Are Activist Investors Drawn to Canada?

Photo of Alexander Schmitt (Toronto)By Alexander Schmitt (Toronto) on Posted in Corporate Governance, Proxy Battles, Securities, Shareholder Activism, Uncategorized
Over the past decade, proxy contests have gone from a once rare phenomenon to a standard feature of the Canadian corporate world and as the number of contests have increased, so too have activists’ success rates. To some extent these trends have been driven by greater acceptance of activists’ efforts in the wider investment (and … Continue reading

Proactive Business Judgment in Proxy Contests

By Guy White on Posted in Corporate Governance, Litigation, Proxy Battles, Shareholder Activism
In a contest for shareholder support, control of the narrative is crucial, and the difference in perception between a board acting decisively to protect shareholders’ investments, and a board willing to do or say anything to hold onto control, can be one of timing.  A board that acts proactively, supported by expert advice and a … Continue reading
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