MFC Willing To Support Proportionate Board Representation To End Proxy Contest
NEW YORK, Dec. 13, 2013 /PRNewswire/ -- MFC Industrial Ltd. ("MFC" or the "Company") (NYSE: MIL) today announced that, in the best interests of the Company, it is prepared to support the election to MFC's board of directors at its shareholders' meeting to be held on December 27, 2013 of two of Peter Kellogg's and IAT Reinsurance Company, Ltd.'s (the "Kellogg Group") nominees who are independent from such group and mutually acceptable in consideration of the termination of the current proxy contest by the Kellogg Group.
Mr. Michael Smith, Chief Executive Officer, stated: "We believe that this proposal is a fair compromise, in the best interests of MFC and provides one-third representation on the MFC board, which is proportionate to the Kellogg Group's current ownership position."
Mr. Smith concluded: "We have received feedback from our other shareholders that indicates support for a resolution as proposed. We hope this will positively end the current proxy contest and allow us to focus our efforts on the Company's long-term growth strategy and to continue to build shareholder value."
About MFC Industrial Ltd.
MFC is a global commodity supply chain company and is active in a broad spectrum of activities, including its integrated commodities operations, mineral and hydrocarbon interests, which focus on metals, energy, chemicals, plastics and wood products. MFC also provides logistics, financial and risk management services to producers and consumers of commodities. Our global business activities are supported by our captive commodities sources through strategic direct or indirect investments and other commodities sources secured by us from third parties.
To obtain further information on the company, please visit our website at www.mfcindustrial.com.
SOURCE MFC Industrial Ltd.