Besra Gold Inc. Announces: Leading Independent Proxy Advisory Firm ISS Recommends Shareholders Vote to Remove Dato' Lim Khong Soon as a Director and Reject Quantum's Proposed Changes to the Board.
ISS notes that Quantum has failed to provide a compelling case for its proposed changes to Besra's board and provided no strategic plan on how its director nominees would deliver value for Quantum's previous funding failures
Time is running out. Shareholders are urged to vote prior to the CDI voting deadline at 11:30 a.m. (Sydney, Australia time) on 18 June 2025 (corresponding to 9:30 pm Toronto, Canada time) on 17 June 2025.
Melbourne, Victoria--(Newsfile Corp. - June 16, 2025) - Besra Gold Inc. (ASX: BEZ) ("Besra" or the "Company") today announced that Institutional Shareholder Services Inc ("ISS") recommends that shareholders vote:
FOR the removal of Dato' Lim Khong Soon from the Company's board of directors (the "Board");
FOR fixing the size of the Board at three directors.
AGAINST the removal of the current independent directors of the Company (the "Independent Directors"); and
AGAINST the election of the director nominees (the "Quantum Nominees") proposed by Quantum Metal Recovery Inc ("Quantum").
ISS is a leading independent proxy voting and corporate governance advisory firm whose recommendations influence how pension funds, investment managers, mutual funds and other institutional shareholders vote. In making its recommendations, ISS stated:
"A vote FOR the removal of Dato Lim Khong Soon is warranted. ISS highlights that Mr Lim controls Quantum Metal Recovery Inc, which has been involved in numerous cases which [have] put the integrity of [Besra] at risk. . . The removal of Mr Lim addresses significant governance failures, conflicts of interest, and will allow [Besra] to focus on its stability and transparency towards its shareholders."
ISS's report additionally notes that Quantum:
Has failed to provide a compelling case for its proposed changes to the composition of the Board.
has not disclosed a specific rationale for the removal of the Independent Directors or the proposed election of the Quantum Nominees; and
Has not offered any strategic plan regarding how the Quantum Nominees would deliver value for
Quantum's previous funding failures.
"ISS's voting recommendations reinforce that the removal of Mr Lim from the Board is in the best interest of shareholders and that no other changes to the composition of the Board are warranted," said David Potter, Besra's Non-Executive Chair. "Time is short and strong shareholder support is critical to ensure that Quantum cannot replace the Independent Directors with Quantum's hand-selected director nominees. I urge shareholders to vote immediately and as recommended by our Board to put this matter behind us."
Protect Your Investment: Vote Today as Recommended by the Board
Shareholders are encouraged to vote well in advance of the CDI voting deadline at 11:30 a.m. (Sydney, Australia time) on 18 June 2025. The special meeting of Besra's shareholders will be held at the offices of Hall Chadwick located at Level 40, 2 Park Street, Sydney, New South Wales, Australia 2000 on Tuesday, 24 June 2025 at 11:30 a.m. (Sydney, Australia time) (corresponding to Monday, 23 June 2025 at 9:30 p.m. (Toronto, Canada time)).
For more detailed information, including David Potter's full letter to shareholders and the rationale for the Board's voting recommendations, shareholders are encouraged to review Besra's management information circular, which is available at www.besra.com/notice-of-special-meeting/ and on the Company's profile on SEDAR+ at www.sedarplus.ca.
If you have any questions or require more information with regard to voting your proxy, please contact Georgeson, toll free in Australia at 1300 116 265 (toll-free within Australia) or at +61 3 9415 4319 outside of Australia, or by e-mail at investor.engagement@georgeson.com.
This announcement was authorised for release by Mr David Potter - Non-Executive Chair
Michael HigginsonChief Corporate Officer and Company Secretary michael.higginson@besra.com
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3448/255715_34c7706384f97b12_002full.jpg
Forward-Looking Statements:
This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). In some cases, forward-looking statements are identifiable by the terminology used, such as "may," "expect," "believe," "plan," "anticipate," "intend," "could," "estimate," "continue," or similar expressions or the negative of such expressions. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are considered forward-looking statements. Forward-looking statements in this news release include, without limitation, references, expressed or implied, to strategies and plans and the time and date of the special meeting of shareholders.
Forward-looking statements are subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Besra, which could cause actual events, results, expectations, achievements or performance to differ materially. These risks and uncertainties include, but are not limited to, the possibility that the special meeting will be postponed or adjourned and other risks and uncertainties. The foregoing list of risks and uncertainties is not exhaustive.
Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward- looking statements, which speak only as of the date made. The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable laws. All of the forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255715
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