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Stock Market & Financial Investment News

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December 23, 2013
05:34 EDTMILMFC Industrial says British Columbia Supreme Court grants injunction
MFC Industrial announced that on December 20, the British Columbia Supreme Court issued an injunction against Peter Kellogg / IAT Reinsurance Company and others prohibiting the Kellogg Group from "trying to improperly take control" of MFC's board at the company's upcoming annual general and special meeting to be held on December 27. The temporary injunctive relief was granted by the court in the previously announced legal action commenced by MFC against the Kellogg Group. The court specifically prohibited the Kellogg Group's proposal to increase the size of MFC's board to 11 and their proposal to elect 8 of their hand-picked nominees as directors at the meeting or any other increase in the size of the MFC board until such time as the matters are properly decided by the court. As a result of the foregoing, MFC said its board of directors will continue to consist of six directors of which two class II directors will be elected at the meeting.
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