TORONTO--(EON: Enhanced Online News)--Telehop Communications Inc. announced today that it had adopted an Advance Notice By Law. The purpose of the bylaw is to provide shareholders, directors and management of the company with a clear framework for nominating directors of Telehop. Telehop is committed: (i) to facilitating an orderly and efficient annual general or, where the need arises, special meeting process; (ii) to ensure that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) to allow shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation. The bylaw is intended to further these objectives.
The bylaw, among other things, includes a provision that requires advance notice to the company in certain circumstances where nominations of persons for election to the board of directors are made by shareholders of the company. The bylaw establishes a deadline by which director nominations must be submitted to the company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the company. No person will be eligible for election as a director of Telehop unless nominated in accordance with the bylaw.
In the case of an annual meeting of shareholders, notice to the company must be made not fewer than 30 days and not more than 65 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is fewer than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice to the company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
Telehop Communications Inc. (TSX-V:HOP) was founded and headquartered in Toronto, Ontario in 1993, and has grown into one of the largest alternative telecommunications providers to both residential and business customers.
Telehop originally began offering residential and business two-way monthly 'flat rate' calling services in the Greater Toronto area between communities where a call would otherwise be a long distance call. In 1994, Telehop became one of Canada's few Equal Access Long Distance Providers, allowing it to offer its customers full service long distance calling globally at significantly lower rates. The Canadian Radio-television and Telecommunications Commission ("CRTC") has licensed Telehop as a Class "A" telecommunications carrier.
Telehop's dedication and priority is providing residential and businesses with exceptional phone services at competitive rates without sacrificing quality service.