Lester Asset Management Inc.

Lester Asset Management Inc.

April 23, 2013 15:50 ET

Lester Asset Management Inc. Supports the Concerned Shareholder of Selwyn Resources Ltd.

MONTRÉAL, QUÉBEC--(Marketwired - April 23, 2013) - Lester Asset Management Inc. ("Lester") is a shareholder of Selwyn Resources Ltd. ("Selwyn"). As of the record date of the Annual General and Special Meeting of the Shareholders of Selwyn held yesterday (the "Meeting"), Lester holds 2,132,000 Selwyn common shares.

Lester supports the election of the director nominees proposed by the Concerned Shareholder, Samara Capital Inc., and the use of proceeds from the sale of Selwyn's joint venture interest in the Selwyn Project proposed by the Concerned Shareholder in the information circular filed by the Concerned Shareholder on April 17, 2013.

Due to purported premature adjournment of the Meeting, Lester was not able to be represented at the Meeting in a manner that would have enabled Lester's Selwyn shares to be voted for the election of the slate of directors proposed by the Concerned Shareholder. Therefore, Lester's Selwyn shares were not included in the 49.7% of the Selwyn shares reported to have been voted for the Concerned Shareholder slate.

Lester's holdings, together with the 49.7% of the Selwyn shares that were voted for the Concerned Shareholder slate at the Meeting, represent an absolute majority of the common shares of Selwyn.

At any reconvened or new meeting of shareholders of Selwyn, Lester will vote or cause to be voted all of its Selwyn shares in favour of the slate of directors proposed by the Concerned Shareholder.

Contact Information

  • Stephen Takacsy
    Chief Investment Officer and Portfolio Manager
    Tel: 514-849-5566
    514-849-4016 (FAX)
    stakacsy@lesterasset.com