Proxy adviser backs miner Sherritt against activist

Mon Apr 21, 2014 3:43pm EDT
 
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TORONTO, April 21 (Reuters) - Proxy adviser Institutional Shareholder Services is backing Sherritt International Corp in its proxy battle, the Canadian miner said on Monday, recommending that clients withhold votes from a slate of board nominees put forward by activist investor George Armoyan.

Armoyan is chief executive of Clarke Inc, a Halifax, Nova Scotia-based investment holding company listed on the Toronto Stock Exchange.

Shareholders affiliated with Armoyan, including Clarke, together beneficially own some 5 percent of Sherritt's shares. (Reporting by Allison Martell; Editing by Steve Orlofsky)