Mount Kellett Updates Call for Reconstitution of Baja Mining Board of Directors
04 5월 2012 - 5:34AM
Business Wire
Mount Kellett Capital Management LP (“Mount Kellett”) today
announced another step in its effort to reconstitute the Board of
Directors of Baja Mining Corp. (TSX: BAJ) (OTCQX: BAJFF) (“Baja”)
and to obtain the resignation of John Greenslade.
- Tom Ogryzlo and Wolf Seidler, former
directors of Baja who recently resigned over governance concerns
impacting the company, have agreed with Mount Kellett to join a
reconstituted board of Baja that would also include Lorie Waisberg
and Stephen Lehner.
- Mr. Ogryzlo has indicated to Mount
Kellett that, following the resignation of John Greenslade, he
would be willing, as needed and as may be appropriate, to serve as
interim chief executive officer of Baja while a search is carried
out for a permanent replacement.
- Mount Kellett recognizes the right of
Louis Dreyfus Commodities Metals Suisse SA to representation on the
Baja board and is prepared to support its director nominee.
Jonathan Fiorello, Chief Operating Officer of Mount Kellett,
said, “We are extremely pleased that two long serving former
directors of Baja have agreed to resume service to Baja’s
shareholders on a reconstituted Board. We are also thankful that
Tom Ogryzlo is prepared and willing to serve as interim chief
executive officer when this needed transition comes about. Messrs.
Ogryzlo and Seidler bring not only their demonstrated commitment to
superior corporate governance, but a wealth of knowledge about Baja
and the Boleo project which will be important assets to the Company
at this critical juncture."
Mr. Ogryzlo said, “I am honored to have the opportunity to work
with a reconstituted Board to solve Baja’s significant financial
and governance problems. While there are challenges ahead,
challenges that were compounded by recent events, I am a firm
believer in the world-class Boleo project and its potential to
deliver significant value to Baja’s shareholders.”
Mr Seidler stated, “I resigned from the Baja Board with great
reluctance but I felt that under the circumstances I could not
provide the level of corporate governance that Baja shareholders
deserve. I am pleased to have the opportunity to return to service
on a reconstituted Board to help Baja at this critical time.”
Added Mr. Fiorello, “Time is of the essence. The current board
must take immediate action by demanding the resignation of John
Greenslade and take steps to appoint these new director nominees so
that shareholder interests, and indeed their investments, can be
protected.”
Mount Kellett is prepared to take legal action to protect
shareholder interests, including contesting any agreement the
company may enter into that adversely affects the investment of all
Baja shareholders. Mount Kellett has already requested that the
Toronto Stock Exchange and the British Columbia Securities
Commission urgently conduct disclosure reviews of the Company,
focusing particularly on when the Company’s senior management knew
of the material cost overruns at the Boleo project and the timing
of the disclosure of the resulting material adverse change.
About Mount Kellett Capital Management LP
Mount Kellett is a multi-strategy private investment firm
focused on global value, special situations and opportunistic
investing. The firm has approximately 100 employees with offices in
New York, Hong Kong, London, and Mumbai. The firm currently has in
excess of $7 billion in assets under management.
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