Sherritt International Corporation (TSX:S) cautions shareholders regarding misleading information disseminated by SC2 Inc. (SC2) about its mini-tender offer to acquire up to 5% of Sherritt’s shares for $0.37 per share. Sherritt highlights the potential conflict of interest due to SC2’s affiliation with Seablinc Canada Inc. (Seablinc), a significant supplier to Sherritt’s Moa Joint Venture in Cuba. Seablinc seeks to entrench its commercial agreements with Sherritt on favorable terms, which may not align with the interests of other shareholders. Sherritt also notes that SC2 has not adequately disclosed its relationship with Seablinc or the latter’s business ties with Sherritt.
Sherritt does not support Seablinc’s proposed nominee for the company’s board of directors, as it believes the individual may prioritize Seablinc’s interests over those of other shareholders. The company clarifies that it is not obligated to include disclosure regarding intended nominees proposed by individual shareholders and has acted in compliance with regulatory requirements.
Sherritt emphasizes its successful board renewal process, which has brought in independent directors and candidates with diverse expertise and perspectives. The company urges shareholders to vote for management’s nominees in the upcoming annual meeting and to avoid taking action on SC2’s offer, which could compromise their voting rights and potentially harm shareholder interests.
About Sherritt International:
Sherritt is a global leader in hydrometallurgical processes for mining and refining nickel and cobalt, essential metals for the energy transition. Its Moa Joint Venture has an estimated mine life of 25 years and is expanding to increase production by 20%. Through its ownership in Energas S.A., Sherritt is the largest independent energy producer in Cuba, with facilities generating low-cost electricity from one of the country’s lowest carbon-emitting sources. Sherritt’s common shares trade on the Toronto Stock Exchange under the symbol S.
