Stillwater Mining Company said on Wednesday that the now withdrawn nearly 187,000 shares of company stock, valued at more than 2.3 million U.S. dollars in a lawsuit to challenge the compensation for the CEO excessive.
Precious metals mining companies to disclose, as it tries to fend off the takeover attempt by a group including the former governor of Montana, Brian Schweitzer Wenzel.
The dissident shareholder group to obtain the compensation of the company's implementation of the expulsion of the board of directors of Stillwater a central issue in his campaign.
The company in Wednesday's move seemed designed to quell any general concern of 5 2 proposals to replace the current board.
Class action, triggering stock revoked last week submitted to the shareholders' lawyers. It claimed that the stock awards Stillwater Chairman and CEO Frank McAllister in 2010 and 2012, more than a compensation scheme approved by the shareholders of the company.
Board members voted to repeal those awards, and the other in 2009, "in order to avoid unnecessary legal costs and potential litigation distraction the Billings securities filing."
The company to maintain the award alleged was not inappropriate, and dismissed the action without merit. The company said that under the federal tax laws and regulations to exclude certain types of awards, references in the proceedings of the compensation limit does not apply to shares to McAllister.
Stillwater spokesman Dan Gagnier declined to comment further.
Revocation McAllister received or exceed the annual limit of 250,000 shares in the company's compensation plan includes all shares. This means McAllister will remain a three-year period, he was awarded 750,000 shares.
Stillwater shares closed Wednesday up less than 1% to $ 12.39 in New York Stock Exchange.
Was named as a plaintiff class action filed a lawsuit in U.S. District Court, the Billings à Pennsylvania, Sylvia Jurgelewicz, Stillwater shareholders.
Revoked the stock Jurgelewicz the one of the lawyers, Tom Towe, is doing the right thing, but it does not fully correct the violation of the company's internal compensation scheme.
"Violation needs to be explained, the previous Shareholders to vote in the election of directors next month," he said.
April 25 hearing is scheduled for a preliminary injunction sought by the plaintiff, but it is uncertain if it will place the shares have been withdrawn.
Stillwater is the only producer of platinum and palladium - precious metal is mainly used in the manufacture of catalytic converters to reduce vehicle pollution.
Schweitzer has been with the New York hedge fund Clinton Group, in an attempt to overthrow McAllister and other members of the board of directors of Stillwater. They will be replaced by a new team will include former Democratic governor.
Clinton Group Managing Director Greg Tucker said, it's shocking, the board of directors of the company "blew past the limit shareholders' approval granted McAllister shares.
The company employs more than 1,664 people and operates two mines in the Beartooth Mountains in south-central Montana. It also runs the precious metal recycling plant in Columbus.
In recent years, Stillwater seeking international expansion. McAllister, under the leadership of buy recommendations palladium and platinum mine in a remote area of ??Canada and Argentina, the Andes vast deposits of copper.
The cost of foreign enterprises is estimated to be $ 525 million. Schweitzer, critics say, distraction from the company's core business in Montana buy low price potential investors shied away from.
 



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