Provides Board and Corporate Update
NEW YORK, March 24, 2014
/PRNewswire/ -- MFC Industrial Ltd. ("MFC" or the "Company") (NYSE:
MIL) is pleased to announce that its board of directors has declared an
annual cash dividend for 2014 of US$0.24 per common share. Payment and
ex-dividend dates and additional information regarding the dividend will
be announced in due course. The Company also announces that its board
of directors has appointed James M. Carter as Chief Financial Officer, Peter Kellogg as Chairman and Dr. Shuming Zhao as a director of the Company to fill the vacancy created as a result of the recent passing of Ian Rigg.
Mr.
Carter, our new CFO is a Chartered Accountant with over 40 years of
experience in both public and private companies, with an emphasis on the
commodities sector and international business markets. Mr. Carter has
served as Vice-President of the Company for over 15 years. Mr. Carter
has also served as an officer and director of a number of private and
publicly traded companies.
The Company is continuing its search for a new CEO and announces that Michael Smith
currently intends to retire as CEO after the annual meeting of the
Company scheduled for the end of this year. Mr. Smith will continue as a
director of the Company and plans to work with the Board in searching
for a successor and to ensure an orderly succession.
The board of
directors of the Company has also determined to declassify its board
structure so that all directors will be elected on an annual basis and
terminated the Company's shareholder rights plan agreement dated November 11, 2013.
About MFC Industrial Ltd.
MFC
is a global commodity supply chain company and is active in a broad
spectrum of activities, including its integrated commodities operations,
mineral and hydrocarbon interests, which focus on metals, energy,
chemicals, plastics and wood products. MFC also provides logistics,
financial and risk management services to producers and consumers of
commodities. Our global business activities are supported by our captive
commodities sources through strategic direct or indirect investments
and other commodities sources secured by us from third parties.
To obtain further information on the company, please visit our website at www.mfcindustrial.com.
SOURCE MFC Industrial Ltd.