Aberdeen Announces AGM Results


Aberdeen Announces AGM Results
  1. Aberdeen Announces AGM Results
    cbj.ca
    TORONTO, ONTARIO–(Marketwired – July 17, 2017) - Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX:AAB) reports, in accordance with the policies of the Toronto Stock Exchange, that the nominees listed in the management proxy circular dated June 14, 2017 for the 2017 annual and special meeting of shareholders of Aberdeen (the “Meeting”) were elected as…
    Business

TORONTO, ONTARIO–(Marketwired – July 17, 2017) - Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX:AAB) reports, in accordance with the policies of the Toronto Stock Exchange, that the nominees listed in the management proxy circular dated June 14, 2017 for the 2017 annual and special meeting of shareholders of Aberdeen (the “Meeting”) were elected as directors of the Company. Shareholders at the annual meeting also approved the appointment of the Company’s auditors and the renewal of the Company’s stock option plan. Aberdeen management would like to thank shareholders for their participation and continuing support.

Detailed results of the vote for the election of directors held at the Meeting on July 13, 2017 in Toronto, Ontario are set out below.

Election of Directors

The shareholders approved the election as directors of the persons listed below, based on the following vote.

Nominee Percentage of Votes For Percentage of Votes Withheld
Stan Bharti 98.33% 1.67%
George Faught 98.57% 1.43%
Bernard Wilson 98.58% 1.42%
Maurice Colson 98.57% 1.43%
General Lewis MacKenzie 98.81% 1.19%

NORMAL COURSE ISSUER BID

The Company is renewing its Normal Course Issuer Bid (“NCIB”), subject to Toronto Stock Exchange (“Exchange”) approval, to buy back its common shares through the facilities of the Exchange. Any purchases made pursuant to the NCIB will be made in accordance with the rules of the Exchange and in some instances may be effected through alternative Canadian trading systems and will be made at the market price of the common shares at the time of the acquisition.

The board of directors of Aberdeen believes that the underlying value of the Company is not reflected in the current market price of its common shares, and may not be so reflected at certain times during the course of the NCIB, and has thus concluded that the repurchase and cancellation of common shares pursuant to the proposed NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of Aberdeen shareholders.

The maximum number of common shares that may be purchased for cancellation pursuant to the NCIB is that number of common shares that represents 10% of the common shares in the public float. Based on the 62,786,282 common shares in the public float as at July 11, 2017, the maximum number of shares to be purchased and cancelled would be 6,278,628. Aberdeen notes that the number of its shares in the public float is less than the 88,912,282 total basic issued and outstanding Aberdeen common shares as of July 11, 2017 because the public float number does not include 26,126,000 common shares held by Aberdeen reporting insiders. Daily purchases will be limited to 16,608 common shares other than block purchase exceptions. This number represents 25% of the average daily trading volume for the six-month period from January 2017 to June 2017 being 66,433 common shares. The actual number of common shares that would be purchased, if any, and the timing of such purchases will be determined by Aberdeen considering market conditions, share price, its cash position, and other factors including other investment opportunities. Aberdeen had a previous NCIB, which terminated effective March 9, 2017, pursuant to which Aberdeen purchased 6,616,846 securities at a weighted average price of $0.18.

Purchases under the NCIB are permitted to commence on July 20, 2017 and will terminate on July 19, 2018 or the date upon which the maximum number of common shares have been purchased by Aberdeen pursuant to the NCIB. There cannot be any assurance as to how many common shares, if any, will ultimately be acquired by Aberdeen under the NCIB. Aberdeen intends that any shares acquired pursuant to the NCIB will be cancelled.

Aberdeen will make no purchases of common shares other than open market purchases that may be made during the period that the NCIB is outstanding.

ABOUT ABERDEEN INTERNATIONAL

Aberdeen International is a global resource investment company and merchant bank focused on…

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