Martial Rolland resigned as Chairman of the Board, President and CEO. Jocelyn Boucher, Audit Committee chief, has been nominated as interim Board Chairman. Michael McLellan, CFA, has been nominated to the Board of Directors and will serve as interim President and CEO. McLellan had been serving as CFO since March 2006.
An Executive Committee composed of Ron Bourgeois, Louis-Robert Lemire and Boucher has been established to closely supervise operations. The committee will be chaired by Bourgeois. Search for a new President and CEO will follow the restructuring implementation.
Restructuring plans cited two key objectives – expand the asset base and recapitalize by issuing new equity – to ensure financial prosperity and enable profitability. Plans to recapitalization involve both flow-through and regular equity financing. Significant dilution for current shareholders may be felt, but would allow management resources to create future shareholder value. By focusing on building assets for long-term profitability, the corporation hopes to maximize the shareholder value.
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