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| Monday, 29 September 2014, 08:00 HKT/SGT | |
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HONG KONG, Sept 29, 2014 - (ACN Newswire) - ISS and Glass Lewis, the world's largest proxy voting agencies, advise Angang Steel's shareholders to vote FOR at its upcoming EGM on the company's mineral ore purchase and agency service agreement and pellet distribution agreement. These reports, which came out before the weekend, are expected to positively impact and inform the opinion of a wide range of institutional investors.
In their recommendations, ISS and GL noted the board's proposed agreements are in line with general governance standards. It is deemed to be in the independent shareholders' interest to trust the management with flexibility in making these business judgments.
The mineral ore purchase agreement enables Angang to secure stable supply of premium magnetite from Karara in West Australia, the world's leading source of quality magnetite ore. According to the board, thanks to assimilability, crystal stock levels and other qualities of Karara's supplies, the move will bring improvements in energy efficiency and cost saving to benefit Angang's profit-making ability.
The pellet distribution agreement gives Angang Steel access to its parent company's extensive global distribution and marketing resources, which will in turn fully activate Angang Steel's pellet production capacity and decrease production cost. The board expects the company's financials will further improve in anticipation of the stability of the additional revenue stream.
ISS and Glass Lewis are the world's leaders in independent shareholder voting advisory, issuing proxy research and vote recommendations on listed companies based on principles of corporate governance and independent shareholder protection.
Topic: Press release summary
Sectors: Metals & Mining, Daily Finance, Daily News
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