McEwen Capital

McEwen Capital

October 25, 2006 16:05 ET

McEwen Capital: Rob McEwen's Immediate Appeal to Goldcorp-Glamis Court Ruling

TORONTO, ONTARIO--(CCNMatthews - Oct. 25, 2006) - While I respect the decision of Madam Justice Pepall of the Ontario Superior Court, I remain adamant that shareholders are being denied their fundamental right to vote on the Goldcorp-Glamis Plan of Arrangement and that serious corporate governance issues remain. Having carefully reviewed the Court's decision with my legal advisors, I will continue to seek more options to access the rights of Goldcorp shareholders.

The Court's ruling on the legal issue I raised does not change the questionable governance exhibited by Goldcorp's Board. They are disregarding their own published governance pledge to respect substance over form. I have the support of more than 1250 shareholders owning 27.4 million shares (+6.6%) who agree that they should have the right to vote.

I have instructed my legal counsel to immediately file a Notice of Appeal seeking an expedited appeal to the Court's ruling. Goldcorp and Glamis are being issued letters requesting that they do not conclude the deal before the appeal Court can have its say. There is still time for the appeal to be heard before the December 31st deadline set by Goldcorp and Glamis. A copy of the Court's ruling is being sent to the Ontario Securities Commission, the Toronto Stock Exchange and the British Columbia Securities Commission so they may consider the implications of this decision for investors and the integrity of the Canadian markets.

From the outset I believed it would be difficult for any individual shareholder to fight a corporation and its Board for ones rights. I am continuing to ask for the support of all Goldcorp shareholders, who feel as I do, to voice your opinion and help us get a vote.

I wish to express my sincere thanks to all the Goldcorp shareholders who have supported my efforts to secure a vote on this ill-conceived merger. I would also like to extend a special thanks to the Ontario Teachers' Pension Plan for publicly voicing its concerns over Goldcorp's denial of our right to vote.

I will continue to be an advocate for improved corporate governance in Canada. It is a shame that Canadian standards fall short of those in the U.S. and other developed capital markets. I say to Goldcorp and its Board of Directors, there is still time to live up to the standards set by the NYSE and Goldcorp's own pronouncements on governance. Give Goldcorp shareholders the information they need and the right to vote on this important transaction.


Sincerely,

Rob McEwen, Goldcorp Shareholder

To express your support, please visit www.robmcewen.com/support/ and fill out a support form and send it back!

Contact Information

  • McEwen Capital
    Robert R. McEwen
    (647) 258-0395 or Toll Free: 1-866-441-0690
    (647) 258-0408 (FAX)
    or
    McEwen Capital
    Ian J. Ball
    (647) 258-0395 or Toll Free: 1-866-441-0690
    (647) 258-0408 (FAX)
    or
    McEwen Capital
    Stefan M. Spears
    (647) 258-0395 or Toll Free: 1-866-441-0690
    (647) 258-0408 (FAX)
    Email: info@mcewencapital.com