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//house-home.news-articles.net/content/2009/06/1 .. p-announces-adoption-of-shareholders-rights.html
Published in House and Home on Friday, June 12th 2009 at 13:12 GMT, Last Modified on 2009-06-12 13:13:16 by Market Wire🞛 This publication is a summary or evaluation of another publication
SUDBURY, ONTARIO--(Marketwire - June 12, 2009) - Northern Superior Resources Inc. (TSX VENTURE:SUP) (the "Company") is pleased to announce that it has adopted a shareholder rights plan (the "Rights Plan") designed to encourage the fair treatment of its shareholders in the event of an unsolicited take-over bid for shares of the Company. The Rights Plan is designed to give the Company's shareholders sufficient time to properly assess a take-over bid without undue pressure and to give the Company's Board of Directors time to consider alternatives that allow the Company's shareholders to receive full and fair value for their common shares.
Pursuant to the Rights Plan, each holder of record of the outstanding common shares of the Company at 5:00 p.m. (CDT) on June 12, 2009 will be issued one right per common share. The rights will trade with the common shares and be represented by the certificates representing common shares. Although the Rights Plan is effective immediately, it is subject to regulatory approval and ratification by the Company's shareholders. The Rights Plan will be submitted to the shareholders of the Company for confirmation at its next annual meeting which is anticipated to be held in May of 2010, unless earlier approval is required by regulatory authorities.
A copy of the Rights Plan will be posted on the website of the Company at the website address listed below.
The Rights Plan is similar to shareholder rights plans adopted by numerous other Canadian corporations. Neither the Board nor senior management of the Company is aware of any current, pending or threatened take-over bid for the Company.
About Northern Superior Resources Inc.
Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for gold on the Superior Province of the Canadian Shield. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
For Investors
This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the Company currently foresees. Discussion of the various factors that may affect future results is contained in the Company's recent filings, available on SEDAR.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
