Brompton Corp.

Brompton Corp.

October 05, 2010 10:39 ET

Brompton Corp. Update Regarding Annual General Meeting

TORONTO, ONTARIO--(Marketwire - Oct. 5, 2010) - Brompton Corp.'s Annual General Meeting ("AGM") will be held at Suite 2930, Bay-Wellington Tower, Brookfield Place, 181 Bay Street, Toronto, Ontario M5J 2T3 at 9:00 a.m. (Toronto time) on October 14, 2010. At the AGM, the Company will receive its audited financial statements for the fiscal year ended April 30, 2010 together with the auditors' report thereon and will vote on the re-appointment of PricewaterhouseCoopers LLP as auditors and authorize the directors to fix the remuneration to be paid to the auditors. After that business has been conducted, as a result of an agreement reached between the Company, Brompton Group Limited ("BGL") and Newport Partners Holdings LP ("Newport"), the meeting will be adjourned until January 12, 2011, at which time the election of directors will be considered.

This agreement was reached in the context of a notice of application recently filed in the Ontario Superior Court of Justice by Newport against the Company, BGL and certain directors of the Company under the oppression provisions of the Ontario Business Corporations Act, relating to a dispute concerning the composition of the Company's board of directors. In its notice of application, Newport seeks various alternative remedies relating to Newport's share ownership in the Company, including but not limited to: (i) a court-supervised sale of all of the shares of the Company owned by BGL and Newport; and (ii) an order winding up the affairs of the Company. Management considers the application to be without merit, and will vigorously respond.

Contact Information

  • Brompton Corp.
    Mark A. Caranci
    President & CEO
    (416) 642-6004