Mesabi Trust Announces Results of Special Meeting
24 Enero 2019 - 3:05PM
Business Wire
On January 23, 2019, Mesabi Trust (NYSE:MSB) reconvened its
Special Meeting of the Trust Certificate Holders of Mesabi Trust
(the “Special Meeting”).
At the reconvened Special Meeting, a total of 8,797,177 units of
beneficial interest, or approximately 67.05% of our total
13,120,010 units outstanding and eligible to vote, were represented
in person or by proxy, and constituted a quorum.
At the reconvened Special Meeting, 6,896,828 units of beneficial
interest, representing approximately 52.56% of the total units
outstanding, voted “FOR” the appointment of Robin M. Radke, as a
successor trustee of Mesabi Trust. This result also reflects that
Ms. Radke’s appointment to serve as trustee of Mesabi Trust was
approved by 78.39% of all votes that were cast by Mesabi Trust
Certificate Holders on this proposal.
Under the terms of the Agreement of Trust dated July 18, 1961,
as amended (the “Agreement of Trust”), the appointment of a
successor trustee must be approved by a majority in interest of the
total outstanding units, so that the proposal to appoint Robin M.
Radke was approved.
At the reconvened Special Meeting, Proposal 2 to approve an
amendment to the Agreement of Trust, which would increase the
annual minimum compensation payable to each individual trustee and
the corporate trustee, received 5,005,273 “FOR” votes, which
represented 38.14% of total units outstanding, was NOT approved by
Unitholders. Under the Agreement of Trust, Proposal 2 required
approval of at least 66 2/3% in interest of Trust Certificate
Holders, or at least 8,746,674 units, and thus Proposal 2 was not
approved.
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