Mesabi Trust Announces Nominee for Appointment as Successor Trustee and Sets Date of Special Meeting
31 Março 2014 - 5:15PM
Business Wire
The Trustees of Mesabi Trust (NYSE:MSB) are deeply saddened to
announce the death of one of its trustees, Norman F. Sprague, III,
M.D., on March 14, 2014. Dr. Sprague had served the Trust as one of
the individual Trustees since 1981.
Mesabi Trust also announced that the Trustees have nominated Mr.
Michael P. Mlinar to stand for appointment to succeed Dr. Sprague.
Mr. Mlinar has a Bachelor of Science degree in mining engineering
from Michigan Technological University and over 35 years of
experience in mining production and operations management. Most
recently, Mr. Mlinar has worked as an independent consultant since
September 2013. For more than 15 years prior to that, Mr. Mlinar
served as a Vice President and General Manager of various operating
subsidiaries of Cliffs Natural Resources, Inc. (“Cliffs”),
including at Northshore Mining from 2005 through 2011. Mr. Mlinar
retired from his position as a Vice President of Cliffs in
September 2013.
Under the terms of the Agreement of Trust dated July 18, 1961
(the “Agreement of Trust”), a vacancy created by the death of a
Trustee is to be filled through appointment of a successor trustee
approved by a majority in interest of the Certificates of
Beneficial Interest in the Trust (the “Trust Certificates”) then
outstanding at a special meeting called for such purpose.
In accordance with the terms of the Agreement of Trust, the
Trustees have scheduled a special meeting of the holders of the
Trust Certificates (“Unitholders”) on Wednesday, June 4, 2014 in
Minneapolis, Minnesota for the purpose of voting to approve Michael
P. Mlinar as successor Trustee. The Trustees have set Monday, April
21, 2014 as the record date for the special meeting. All
Unitholders of record as of the record date will receive a notice
regarding the Trustee vacancy, a notice of special meeting and
proxy materials detailing the matters to be voted on at the special
meeting as well as the time and location of the meeting. It is
anticipated that the Trustees will mail the proxy materials on or
about April 25, 2014.
The late Trustee, Dr. Norman F. Sprague III, M.D., also had
served as one of the Trustees of the Mesabi Land Trust, of which
the Mesabi Trust is the sole trust certificate holder. Pursuant to
their authority under the Mesabi Land Trust Agreement, the Mesabi
Trustees have appointed Mr. Michael Mlinar to succeed the late Mr.
Norman F. Sprague III, M.D. as a Trustee of the Mesabi Land Trust,
effective immediately.
Mesabi Trust SHR UnitDeutsche Bank Trust Company
Americas904-271-2520
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