Rosseau Asset Management Ltd.

October 20, 2008 08:05 ET

Leading Proxy Advisory Firm RiskMetrics/ISS Recommends That Noront Shareholders Vote "For" Rosseau's Director Nominees

TORONTO, ONTARIO--(Marketwire - Oct. 20, 2008) - Rosseau Asset Management Ltd. ("Rosseau") today announced that RiskMetrics Group/ISS Governance Services ("RiskMetrics") has recommended that shareholders of Noront Resources Ltd. ("Noront") vote for the new slate of directors that Rosseau will be proposing for election at the upcoming annual and special meeting of shareholders of Noront to be held on October 28, 2008.

RiskMetrics is the leading provider of proxy voting and corporate governance solutions to the investor marketplace. The analysis and recommendations of RiskMetrics are relied upon by many of the world's leading institutional investors. Rosseau understands that RiskMetrics engaged in discussions with representatives of Noront's existing board and senior management before recommending that Noront shareholders vote for the new slate of directors being proposed by Rosseau and not in favour of the nominees being proposed by Noront's management.

"We are delighted that Rosseau's slate of highly experienced and capable director nominees, as well as our vision for the future of Noront, has received the independent endorsement of RiskMetrics", said Mr. Warren Irwin, the President and Chief Investment Officer of Rosseau. "We are highly confident that the director nominees we are proposing will prevail at the October 28, 2008 shareholders' meeting and we look forward to having those directors in place so that they can begin the process of building Noront over the long-term for the benefit of all Noront shareholders."

Rosseau notes that RiskMetric's recommendation that Noront shareholders vote for the new slate of directors being proposed by Rosseau is consistent with a report previously issued by Genuity Capital Markets, an independent Canadian investment dealer. The Genuity analyst report dated October 10, 2008 stated, among other things:

"We believe the Rosseau action is a positive development for (Noront)
investors. Although some changes have been made to strengthen (Noront's)
management team in the past number of months, we believe a shake-up by
replacing the board is best for shareholders as greater technical
'nickel-related' expertise and greater technical/corporate disclosure needs
to be brought to bear. ...


We believe a shake-up of the Noront board by replacing it with the proposed
Rosseau director slate would be positive and in the best interest of
(Noront) shareholders. A number of the individuals on the proposed Rosseau
director slate have previous experience on the Aurelian board - a board
which had a culture for high technical standards and disclosure. ...


We believe the arguments made in the Rosseau (proxy circular) for 'urgent
change to the Noront board' are legitimate. Although a compromise 'balanced
board' might have been possible under the right conditions, we favour a
'clean slate' new board ...".

Noront shareholders are urged to follow RiskMetric's independent recommendation and vote only the YELLOW proxy in favour of the election of the Rosseau nominees named in the proxy circular of Rosseau dated October 8, 2008. Time is short. Holders of Noront common shares are encouraged to contact Kingsdale Shareholder Services Inc. (tel. no: 416-867-2272 (collect calls accepted) or 1-800-749-9052 (toll-free)) with any questions or if they require assistance in voting the YELLOW form of proxy. To ensure that their votes count, holders of Noront common shares who wish to vote in favour of the Rosseau Nominees are asked to send their completed, dated and signed YELLOW proxies to Kingsdale Shareholder Services Inc. by NO LATER THAN 5:00 P.M. (TORONTO TIME) ON THURSDAY, OCTOBER 23, 2008, either by facsimile (to fax no. 1-866-545-5580) or by delivery to Kingsdale at The Exchange Tower, 130 King Street West, Suite 2950, P.O. Box 361, Toronto, Ontario, M5X 1C7.

Contact Information

  • Rosseau Asset Management Ltd.
    Warren B. Irwin, MBA, CFA
    President and Chief Investment Officer
    (416) 777-0711
    (416) 777-0718 (FAX)