Crius to Put Forward Governance Amendments for Unitholder Approval at Annual General Meeting
April 19,2018
Crius Energy Trust (TSX:KWH.UN) (the "Trust", "Crius" or the "Company") today announced that it will seek unitholder approval of certain governance amendments proposed by dissident unitholder JCP Investment Management, LLC (“JCP”).
Unitholders will have the opportunity to vote on the amendments at Crius’ Annual General Meeting (“AGM”) on May 29, 2018.
“Crius appreciates unitholder feedback, and is always open to enhancing its governance practices,” said David Kerr, Chairman of the Board of Crius. “That said, it is notable that despite the many opportunities JCP had to introduce these proposals over discussions with Crius the past several months, JCP chose to wait until this late date to introduce them. Unitholders may wonder whether JCP is truly interested in enhancing Crius’ governance, or whether it and its advisors are using this as a public relations stunt related to the unnecessary and costly proxy fight JCP has initiated. Either way, Crius takes its governance seriously, and will put the proposals forward and recommend that unitholders approve them at the AGM.”
The list of proposed amendments will be laid out in Crius’ Management Information Circular, which will be filed on www.sedar.com and mailed to unitholders in due course. "The Board remains focused on continuing to deliver on its plan to maximize value for all unitholders," Crius said
Unitholders need not take any action at this time, Crius said
JCP Investment Management, LLC had earlier issued a statement setting forth its proposals to amend Crius’ trust indenture, which is the primary governing document of Crius, as JCP said that the proposals were designed, "in order to provide protection and rights to Crius unitholders that are standard for trusts of Crius’ nature."