14:27:52 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Highbank Resources Ltd
Symbol HBK
Shares Issued 103,165,699
Close 2015-07-27 C$ 0.115
Market Cap C$ 11,864,055
Recent Sedar Documents

Highbank believes Petronas project has go-ahead

2015-07-27 21:19 ET - News Release

Mr. Gary Musil reports

PETRONAS US$36-BILLION PNW LNG PROJECT TO KICK OFF IN SEPTEMBER AND RESULTS OF HIGHBANK'S ANNUAL GENERAL MEETING OF SHAREHOLDERS

The Malaysian Insider business report, quoting B.C. Finance Minister, Michael de Jong, said, "The $36-billion (U.S.) (137.5 billion Malaysian ringgit) liquefied natural gas export terminal project in Canada is expected to commence this September."

Victor N. Bryant, chief executive officer/president, commented, "It is a great pleasure to share this news with you from Malaysia, where B.C. Finance Minister Michael de Jong has just met with the Malaysian Prime Minister, Datuk Seri Najib Tun Razak."

In a press conference in Putrajaya, Malaysia, today, Mr. de Jong stated: "The construction will begin soon -- this fall. All other prerequisites have been dealt with."

The Finance Minister thanked the Malaysian Prime Minister for his leadership and vision in positioning Malaysia to play a lead role in the international development of the emerging LNG industry in British Columbia, Canada.

"Our central government environmental certificate is the remaining piece of this, and we are working through that exercise. We are optimistic that in the very near future, it will be concluded," Mr. de Jong said.

Mr. Bryant further commented: "This is wonderful news as stated in previous news releases. Highbank has quoted on supplying a significant amount (700,000-plus tons) of our construction aggregates to support this build."

Annual general meeting results

At the meeting, the shareholders re-elected Mr. Bryant, Gary Musil, Luard J. Manning, James H. Place and newly elected William (Bill) J. Loucks for the coming year.

The scrutineer reported that there were a total of 26 shareholders holding 28,977,836 common shares represented in person or by proxy at this meeting. This represents 28.09 per cent of the total 103,165,699 issued and outstanding common shares at record date and an increase of over 6.4 per cent in voting compared with 2014. As a result of an overwhelming quorum tabulated before the meeting, no ballot/poll was required to vote for individual directors at the AGM. The proxy votes tabulated before the meeting for each director are as indicated in the attached table.

                                                                  
                           PROXY VOTING RESULTS

Directors                  Votes for  Per cent    Votes withheld  Per cent

Victor N. Bryant          20,507,800     99.94%           12,359      0.06%
Gary Musil                20,077,250     97.84%          442,909      2.16%
Luard J. Manning          19,308,800     94.10%        1,211,359      5.90%
James H. Place            19,506,850     95.06%        1,013,309      4.94%
William J. Loucks         19,463,800     94.85%        1,056,359      5.15%

The majority of the additional seven-million-plus shares tendered at the meeting, appointing a nominee in attendance to vote, were in favour of management's recommendations in the information circular and for the five directors. Shareholders approved, subject to acceptance by the TSX Venture Exchange, the company's incentive stock option plan. Shareholders also approved the reappointment of Crowe MacKay LLP, chartered accountants, as auditor for the ensuing year, and authorized the directors to fix its remuneration. Other resolutions submitted by management to shareholders for consideration were approved as presented, including the ratifying of the company's advance notice policy as attached to the information circular as Schedule D. For the ANP to remain in effect, the ANP must be ratified, confirmed and approved at each subsequent annual general meeting. At the directors meeting following, the directors reappointed Mr. Bryant as president/chief executive officer and Mr. Musil as corporate secretary/chief financial officer. The audit committee appointees are: Mr. Musil, Mr. Manning and Mr. Loucks.

The board of directors would like to thank the company's shareholders for their patience and continued support throughout the past year, as well as their increased support in attending and voting at the annual general meeting.

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