HudBay Renews Shareholder Rights Plan - CCN Matthews
HudBay Minerals Inc. WINNIPEG, MANITOBA--(CCNMatthews - May 1, 2007) - (TSX:HBM) ("HudBay") today announced that it has renewed its shareholder rights plan (the "Plan"), subject to shareholder approval.
Shareholders will be asked to approve the Plan at HudBay's annual and special meeting scheduled for May 31, 2007.
HudBay's current shareholder rights plan (the "Prior Plan") is otherwise scheduled to expire at the end of its three-year term on November 9, 2007.
The Plan is generally consistent with the terms of the Prior Plan. A description of the Plan is set out in HudBay's management information circular dated May 1, 2007, as filed on SEDAR.
The purpose of the Plan is to ensure that its shareholders continue to receive the benefits associated with the Prior Plan and is designed to encourage the fair and equal treatment of HudBay's shareholders in connection with any take-over bid and to ensure HudBay's shareholders and board of directors have sufficient time to consider whether there are other options that would more effectively maximize shareholder value.
The Plan has been accepted by the Toronto Stock Exchange, subject to shareholder ratification. The Prior Plan will remain in effect until its expiry if the Plan is not approved by shareholders. The Plan's three-year term will expire at the termination of the annual meeting of shareholders in 2010.
A copy of the Plan has been filed under HudBay's profile on SEDAR at www.sedar.com.
About HudBay Minerals Inc.
HudBay Minerals Inc. is an integrated mining company that operates mines, concentrators and a metal production complex in northern Manitoba and Saskatchewan. The company also owns a zinc oxide production facility in Ontario, the White Pine Copper Refinery in Michigan and the Balmat zinc mine in New York State. HudBay is a member of the S&P/TSX Composite Index.
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