Kinross Gold Corporation Settles its Class Action
Jun 22 15
In March 2012, a proposed class action was commenced in the Ontario Superior Court of Justice against Kinross Gold Corporation, Tye W. Burt, Paul H. Barry, Glen J. Masterman and Kenneth G. Thomas by the Trustees of the Musicians' Pension Fund of Canada. Since that time, the litigation has been vigorously contested. The defendants deny the allegations and deny any wrongdoing or liability. In April 2015, the Plaintiffs and the Defendants entered into a proposed settlement agreement. The settlement provides, if its conditions are fulfilled, that CAD 12.5 million shall be paid into an interest bearing account for the benefit of the Class. On June 17, 2015, the Ontario Superior Court of Justice approved the Settlement Agreement and the Claims and Distribution Protocol, concluding that the Settlement Agreement and the Claims and Distribution Protocol are fair, reasonable, and in the best interest of the Class. The Ontario Superior Court of Justice certified the Proceeding as a class action for settlement purposes only and approved the Settlement Agreement on behalf of a class that encompasses the following individuals and entities: All persons &entities who purchased or otherwise acquired Kinross Gold Corporation shares from Nov. 1, 2010 through &including Jan. 16, 2012 (a) on the Toronto Stock Exchange or other secondary market in Canada; or (b) who are resident of Canada or were resident of Canada at the time of acquisition; &who held some or all of those shares on Jan. 16, 2012. Excluded from the Class are the defendants, the officers and directors of Kinross during the relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which the defendants have or had a controlling interest. There is a proposed settlement before the United States District Court for the Southern District of New York arising from a separate proposed class action against Kinross. The U.S. Proceeding concerns only Kinross Shares that were purchased on the open market in the United States between August 11, 2011 and January 16, 2012, inclusive. Upon the occurrence of the effective date in the settlement of the U.S. Proceeding, the Class in this Proceeding shall be amended to exclude the claims of all persons who are members of the ‘Class’ within the meaning of the Stipulation of Settlement in the U.S. Proceeding, but only to the extent that the claims relate to Kinross Shares that were purchased on the open market in the United States during the U.S. Class Period. In the event that the Stipulation of Settlement is terminated and the Effective Date in the U.S. Proceeding does not occur, the Class in this Proceeding will not be amended, and residents of Canada who purchased Kinross Shares on the open market in the United States during the U.S. Class Period will be entitled to participate in this Settlement. All members of the Class who wish to obtain a payment under the settlement in this Proceeding must complete and submit an electronic 'Claim Form' by August 31, 2015 to the Claims Administrator at the following address: firstname.lastname@example.org.
Kinross Gold Corporation Announces Resumption of Mining and Crushing Operations at its Maricunga Mine
Jun 1 15
Kinross Gold Corporation announced that mining and crushing operations at its Maricunga mine resumed earlier this month, ahead of the anticipated June restart target. Operations were partially suspended on March 25 following an extreme weather event in northern Chile, which caused heavy damage to local infrastructure. The ADR plant operated throughout the restart effort, producing gold from existing material in the heap leach.
Kinross Gold Corporation Announces Amendment to its Articles of Association and its Bylaws
May 6 15
Kinross Gold Corporation announced at the AGM held on May 6, 2015 that shareholders voted in favour of changes to the governance bylaws that increased the quorum requirement for shareholder meetings from 5% to 25%, and eliminated a second, casting vote for the Board Chair. The shareholders also approved amendments to the Articles of the company.