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Latest Headlines
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Feb 9, 2010 11:38:00 AM MST
Shareholders reject attempt to remove three directors of Cordy Oilfield Services (Cordy-Oilfield)
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CALGARY _ Shareholders of Cordy Oilfield Services Inc. (TSXV:CKK) have rejected an attempt to remove three directors from its board, including chairman and CEO David Mullen.
The Calgary company held the shareholder vote on Tuesday in response to calls for change from Geosam Investments Ltd. and Raffi Sethian.
They had originally requisitioned the shareholder vote but Cordy said they didn´t attend the special meeting.
Cordy also said they had less than five per cent of its issued and outstanding shares but the company´s management decided to hold the vote anyway.
The proxy battle was initiated by Geosam, a private investment company controlled by George Armoyan.
Armoyan had been on Cordy´s board but quit last June after the directors as a whole decided against a $16.7-million potential takeover offer by Geosam.
Geosam later complained to provincial securities regulators and began efforts to have shareholders vote to remove David Mullen, who is the largest shareholder of Cordy, as well as Kevin Mullen and Steve Mallet from the board of directors.
Cordy shares traded Tuesday at 16.6 cents, that price unchanged from the previous close on the TSX Venture Exchange.
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