Mediterranean Resources Ltd. Management Update - Withdrawal of Request for Special Meeting of The Shareholders
31.03.2011 | CNW
VANCOUVER, March 31 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR) (Frankfurt: MHM1) ("Mediterranean") announces that the Special Meeting of the Shareholders scheduled for the 20th of May has been cancelled.Mediterranean has been formally advised by the representatives of the shareholders who had previously requested a Special Meeting of the Shareholders that they no longer have cause to seek the removal of the Company's board and management following the resignations of Mr. Bryan Morris and Dr. Peter Guest and have therefore withdrawn their request for a Special Meeting of the Shareholders. Instead, the Company has scheduled its usual Annual General Meeting for 31st May, 2011.
The Company has received notification that Dr. Peter Guest, Mediterranean's former President, Chief Executive Officer and Director has filed a notice of civil claim against Mediterranean on 28th March, 2011, in the Supreme Court of British Columbia. Dr. Guest's contract with the Company was terminated for cause on 15th March, 2011, and he voluntarily resigned as a Director of the Company on 17th March, 2011. Dr. Guest's claims against the Company have no merit and the Company intends to vigorously contest them. Shareholders will be updated periodically on the progress of any action by Dr. Guest against the Company and on the progress of any claims by the Company against Dr. Guest.
Signed on behalf of the Board of Directors.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
For further information:
Christopher Ecclestone
Interim Chief Executive Officer
604-669-3397
www.medresources.ca