Nyrstar: Interim proceedings initiated by a group of minority shareholders
11 November 2019 at 20.00 CET
Nyrstar NV ("Nyrstar" or the “Company”) confirms that on the evening of Friday 8 November 2019 it received a writ of summons to appear before the President of the Commercial Court in Antwerp at the request of a group of minority shareholders of the Company (the “Minority Shareholders”). Amongst other matters, the Minority Shareholders are seeking that the decisions that were taken by the Annual General Meeting of the Company on Tuesday 5 November 2019 are suspended and that a provisional administrator be appointed and tasked to convene a further Annual General Meeting of the Company to re-run the voting of all the proposals.
Nyrstar emphasizes and confirms that the Annual General Meeting of the Company on Tuesday 5 November 2019 was validly held and concluded over a period of more than 10 hours. Nyrstar’s directors and its auditor had received many written and oral questions and they dedicated the quasi-totality of the meeting to responding to those questions. Nyrstar’s directors and auditors remained available for further questions but certain Minority Shareholders themselves preferred to leave the meeting. Nyrstar believes that the claims by the Minority Shareholders in the interim proceedings application are therefore unfounded and vexatious.
The Company emphasizes again that the restructuring of the Nyrstar group avoided multiple international insolvencies and was completed for the benefit of all stakeholders. In particular, the restructuring maintained the employment of approximately 4,100 workers across Nyrstar’s global smelting and mining operations, avoided the potential for environmental harm at Nyrstar’s sites that could have arisen from an insolvency-driven closure of operations and achieved significantly better recoveries for both creditors and shareholders compared to an insolvency. The Company will therefore vigorously defend itself against the unfounded claims of the Minority Shareholders.
The Company is incorporated in Belgium and, following completion of the recapitalisation/restructuring has a 2% shareholding in the Nyrstar group. The Company is listed on Euronext Brussels under the symbol NYR. For further information please visit the Nyrstar website: www.nyrstar.be