HAMMERNEWS!!
Royal Standard calls shareholders meeting in May, 2007
Royal Standard Minerals Inc (C:RSM)
Shares Issued 78,248,138
Last Close 10/27/2006 $0.71
Friday October 27 2006 - News Release
Mr. Roland Larsen reports
ROYAL STANDARD MINERALS INC.: SHAREHOLDERS\' MEETING CALLED
Royal Standard Minerals Inc. has received documents purporting to constitute a requisition from a group of shareholders of RSM alleging that they hold more than 10 per cent of the company\'s shares. The documents received requested that a shareholders meeting be called to consider the removal and replacement of the existing board of directors of RSM.
The board of directors of RSM has reviewed these documents with the benefit of outside advice and has serious concerns with respect to whether such documents constitute a valid requisition under the New Brunswick Business Corporations Act.
While reserving all of its rights in this regard, the board of directors of RSM has called a meeting of shareholders in response to the purported requisition received from the dissident group at which the constitution of RSM\'s board of directors will be considered. The meeting will take place on May 29, 2007, in Saint John, N.B. (as required by law absent the approval of all shareholders). The board of directors of RSM (including all of its independent members) has concluded in the exercise of its business judgment that, for a number of reasons, this meeting date is in the best interests of the company.
In reaching this conclusion, the board of directors considered, among other things, the fact that persons apparently associated with the dissident group recently sought the election of a board nominee in advance of the June, 2006, shareholders meeting. Although RSM acceded to this request, the new board member withdrew his name and declined to take the board position after his election, leaving a vacancy of one director, which has since been filled.
RSM today also commenced a legal proceeding in the United States District Court -- Central District of California against the members of the dissident group alleging violations of U.S. securities laws.
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