|By Marketwired .||
|June 6, 2014 06:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/06/14 -- Timmins Gold Corp. (TSX:TMM)(NYSE MKT:TGD) ("Timmins Gold" or the "Company") announced today that it has established a special committee of independent directors to oversee the Company's response to Sentry Investments' dissident proxy solicitation and the Company's process of Board renewal. The members of the special committee are Frank Cordova, Paula Rogers (Chair) and Jose Vizquerra.
Specifically, the special committee, with the assistance of Korn Ferry International, is working to identify additional independent director candidates for Timmins' Board, with skills and experience that complement and augment the Board's capabilities. The special committee has also retained Norton Rose Fulbright Canada LLP as independent legal counsel.
"We responded immediately to Sentry's concerns, seeking to address them privately through constructive action aimed at enhancing the quality and independence of our Board," said Paula Rogers, Chair of the special committee. "This included inviting Sentry to propose director candidates for the Board's consideration as a means to enhancing Timmins' Board and avoiding a costly, distracting and, in our view, counterproductive, proxy contest. We are disappointed that Sentry rejected our good faith efforts and is proceeding with an action that would have the effect of transferring corporate control."
In discussions with Timmins Gold last week, Sentry refused any compromise and, instead, threatened to launch a public proxy contest unless Timmins Gold accepted Sentry's demand for control of the Board.
The Board is engaged in a continual process of renewal, adding four new directors in the past three and half years, including the December 2013 appointment of Mr. Vizquerra, President and CEO of Oban Mining Corp. Mr. Vizquerra has a strong Latin American mining merger and acquisitions background as a former head of project evaluations for Lima, Peru-based Compania de Minas Buenaventura, the largest owner of mining rights in Peru. He also served as a mine geologist with Vancouver-based Goldcorp Inc.
Discussions with several large and small shareholders indicate that shareholders recognize the success of the current Board and management in developing the San Francisco gold mine into a sustainable and profitable producer. Such shareholders have indicated to Timmins Gold that they believe wholesale change to the Board and management is not in the best interests of all shareholders.
Under Timmins Gold's current Board and management, the Company has, among other accomplishments:
-- Brought the San Francisco gold mine into production on time and on budget -- Consistently grown production year-over-year, and by more than 150% since starting production in 2010 -- Grown reserves by 170%, measured and indicated resources by 170%, and inferred resources by 22 times (all net of depletion) since 2008 -- Established and grown a 100% local Mexican operating team, and earned local recognition for its commitment to social responsibility -- Posted significant positive free cash flow for the past three quarters, in a challenging gold price environment -- Carried out an extensive regional prospecting campaign over the past few years which has identified two targets that show potential to host a deposit similar to San Francisco
Ms. Rogers stated, "Timmins Gold has delivered an approximate 390% shareholder return since becoming a public company. We have executed on our strategy to deliver positive cash flow and we have done so in a difficult market environment. We continually strive to improve and optimize our business, including corporate governance, but we do not believe wholesale change is warranted or that it would benefit shareholders. To the contrary, we believe such change would be highly disruptive to our business and would run contrary to shareholders' best interests."
Timmins Gold also responded today to false assertions that management declined to present a takeover offer to the Board, and that Timmins Gold signed confidentiality agreements with potential suitors and then refused to provide such suitors with relevant information. These false assertions seem intended to mislead shareholders and undermine confidence in the Board.
With respect to the false assertion that management failed to bring a takeover proposal to the attention of the Board, the fact is that a potential suitor at one time put forward an indicative non-binding proposal to acquire Timmins Gold. Management immediately brought the proposal to the Board's attention and the potential suitor was granted exclusivity and afforded the opportunity to undertake due diligence, but declined to make a binding offer to acquire Timmins Gold.
With respect to the false assertion that Timmins Gold is denying potential suitors relevant information, the fact is that the Company has provided numerous parties with relevant information under confidentiality agreements. Moreover, the Company has consistently allowed potential acquirers to tour the San Francisco mine.
"The Board is always willing to consider transactions that would benefit the Company and all of its shareholders, but to date the Company has not received a binding takeover bid from any party," said Ms. Rogers. "The Company remains active in exploring and pursuing opportunities to enhance shareholder value and has entered into a number of confidentiality agreements pursuant to which interested parties have been granted due diligence access to the Company. Should the Company receive an offer, the Board will of course consider it in accordance with its fiduciary duties."
Annual Meeting Date
Timmins Gold also today announced that it has scheduled the Annual General Meeting of shareholders on July 31, 2014, with a record date of June 17, 2014. In due course the Company will confirm a specific time and location and will issue a Management Information Circular with all of the appropriate required disclosure, including detailed information about its nominees.
Timmins Gold has retained Laurel Hill Advisory Group to provide strategic proxy advisory services.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the New York Stock Exchange MKT accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events, future operations, organic growth, mergers and acquisitions and the appointment of new directors.
In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.
If cloud computing benefits are so clear, why have so few enterprises migrated their mission-critical apps? The answer is often inertia and FUD. No one ever got fired for not moving to the cloud - not yet. In his session at 15th Cloud Expo, Michael Hoch, SVP, Cloud Advisory Service at Virtustream, discussed the six key steps to justify and execute your MCA cloud migration.
Dec. 29, 2014 10:30 AM EST Reads: 393
Eighty-five percent of companies store information in some sort of unstructured manner. In this demo at 15th Cloud Expo, Mark Fronczak, Product Manager at Solgenia, discussed their enterprise content management solution, which was created to help companies organize and take control of their digital assets.
Dec. 29, 2014 10:00 AM EST Reads: 386
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo – to be held June 9-11, 2015, at the Javits Center in New York City, NY – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo fl...
Dec. 29, 2014 09:45 AM EST Reads: 878
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
Dec. 29, 2014 07:45 AM EST Reads: 2,852
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 29, 2014 06:00 AM EST Reads: 2,984
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
Dec. 29, 2014 03:45 AM EST Reads: 1,848
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Dec. 29, 2014 02:00 AM EST Reads: 2,181
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Dec. 29, 2014 01:30 AM EST Reads: 2,697
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
Dec. 29, 2014 12:00 AM EST Reads: 1,970
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 28, 2014 07:00 PM EST Reads: 2,164
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 28, 2014 07:00 PM EST Reads: 1,950
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Dec. 28, 2014 07:00 PM EST Reads: 2,747
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
Dec. 28, 2014 06:00 PM EST Reads: 2,079
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
Dec. 28, 2014 05:00 PM EST Reads: 2,307
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Dec. 28, 2014 05:00 PM EST Reads: 2,329