Bioniche Life Sciences Inc's Board of Directors, heeding the recommendation of its special committee and advice of legal counsel, has decided that the dissident shareholder requiest for a shareholder meeting is not a valid shareholder requisition. Thus, the company would not be calling a special meeting based on the request.
Furthermore, the company announced that its regular scheduled shareholders meeting for the FY ending June 20, 2013 on November 5, 2013. Consonant with with the rules, September 9, 2013 is set as the date for receipt of notice for the said shareholder meeting.
According to the Special Committee of independent directors formed to respond to the said request, it responded by saying, "The [Request] is not a valid requisition. As you are well aware, the law on the form of a requisition made by a shareholder is both settled and clear. The request was made by a beneficial shareholder whereas a requisition under the corporate statute must be made by a registered shareholder. Further, the [Request] does not provide adequate information to permit shareholders to make a decision concerning the business stated in the Letter and is therefore deficient. Specifically, the [Request] fails to provide the names of the individuals who are to be nominated or any other information about the proposed nominees."
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