The board of directors at Greenstone Resources (TSE) has adopted a shareholders’ rights plan to encourage what it refers to as the fair treatment of its shareholders in connection with any takeover offer for the company.
The rights issued under the plan become exercisable only when someone acquires, or announces his intention to acquire, 20% or more of Greenstone’s outstanding common shares without the approval of the board or without complying with the provisions of a permitted bid as outlined in the rights plan.
Shareholders will be asked to approve the plan at the company’s annual meeting.
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