Canadian miner Sherritt International Corp won its proxy fight with activist investor George Armoyan on Tuesday, with all management board nominees elected at the company's shareholder meeting in Toronto.A group of activist investors led by Armoyan's investment holding company, Clarke Inc, had put forward a slate of nominees for the board of the nickel, oil and gas producer.Shareholders also rejected all of the dissidents' special resolutions. Proxy advisers Institutional Shareholder Services and Glass Lewis had both recommended that clients vote for management's nominees."It's a lot tougher to change incumbent boards in Canada than I thought," Armoyan told reporters after the meeting. "No one wants to rock the boat in Canada."
Clarke Inc. (Clarke) is an investment company. Clarke operates in four segments: Investment Segment, Freight Transportation Segment, Home Heating Segment and Other Segment. Shares of CKI traded higher by 0.44% or $0.04/share to $9.12. In the past year, the shares have traded as low as $4.34 and as high as $9.30. On average, 28523 shares of CKI.TO exchange hands on a given day and today's volume is recorded at 28300.
Shares of S fell by 1.42% or $-0.065/share to $4.52. In the past year, the shares have traded as low as $2.82 and as high as $4.94. On average, 1428820 shares of S.TO exchange hands on a given day and today's volume is recorded at 616577.
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