Shareholder Support for Meeting is Strong

The MFL has received more than 2,000 signed request-for-meeting forms.

Manitoba Federation of Labour President Darlene Dziewit said that "It is obvious to all that Crocus Fund Shareholders want a meeting in order to discuss the available options and decide what the next step for their investments should be. When a court session hears motions on Wednesday, March 29, our representatives will tell the judge that our offices have collected more than 2,000 request-for-meeting forms, well more than the five per cent of shareholders required under Crocus by-laws to call a meeting. Coupled with efforts made by others to collect signatures, it is a crystal clear indication of the wishes of shareholders."

It is anticipated that the court appointed receiver, Deloitte and Touche, will ask the judge's permission to disperse $14.2 million of assets to shareholders. This will be opposed by lawyers representing a number of parties since costs related to actions against the fund and its former officers are not known yet. Lawyers representing the MFL will support the motion against dispersing funds and show the judge the shareholder request for a meeting forms.

Dziewit said, "This is an important point in the proceedings. It is an effort to preserve the remaining assets of the Crocus Fund until shareholders are given the opportunity to meet and make their decision. It is also the first time that the judge will see graphic evidence of the shareholders wishes.

"I'd like to thank the shareholders that went out of their way to inform themselves and sign a request for meeting form. I hope the way will soon be clear for all of you to meet, hear the options and then make an informed decision about the future of your Fund."

If you're a Crocus shareholder and haven't yet submitted a form, you can still download the Requisition for a Meeting form in PDF format. A special office that was set up to receive forms in Room 104, 275 Broadway will be open from 5 p.m. to 9 p.m., on Tuesday evening.