DENVER - SSR Mining (NASDAQ:SSRM) Inc. (NASDAQ/TSX: SSRM; ASX: SSR), a precious metals mining company, has filed an amendment to its Proxy Statement ahead of its Annual and Special Meeting of Shareholders scheduled for May 23, 2024. The amendment, announced on May 15, 2024, pertains to Proposal No. 3, which seeks to revise the definition of "Change of Control" in the company's 2024 Share Compensation Plan.
The amendment involves the removal of subclause (vi) from the definition, a change recommended by proxy advisors who reviewed the plan. This subclause previously allowed a majority of Incumbent Directors of SSR Mining to declare a Change of Control. The company clarified that no other items on the Proxy Statement are affected by this amendment.
The Plan sets a cap on the number of common shares that can be issued to Insiders within any one-year period at 3.75% of the total outstanding common shares. Moreover, the total number of shares that can be issued under the Plan is limited to 5,000,000 common shares. The authority to grant share units under the amended Plan is extended until May 23, 2027, pending conditional approval from the Toronto Stock Exchange.
This move is part of SSR Mining's governance procedures leading up to the shareholder meeting. Shareholders and interested parties can access the Amendment on SSR Mining's website, as well as on the profiles of EDGAR, SEDAR+, and the ASX.
SSR Mining has emphasized that this amendment is to ensure that the Plan aligns with best practices and the recommendations of proxy advisors. The company's actions reflect its commitment to maintaining transparent and fair governance practices as it continues to seek shareholder approval for its compensation strategies.
The information in this article is based on a press release statement issued by SSR Mining Inc.
InvestingPro Insights
In light of SSR Mining Inc.'s recent governance amendment, a closer look at the company's financial health and market performance using real-time data from InvestingPro can provide shareholders with a broader perspective on the firm's current standing.
SSR Mining, with a market capitalization of $1.09 billion, demonstrates a strong balance sheet, holding more cash than debt. This financial stability is an essential factor for investors, especially when considering the company's governance and compensation plans.
One of the key InvestingPro Tips highlights that SSR Mining is expected to see net income growth this year. This is a positive signal for investors, as it suggests the potential for improved profitability and financial performance in the near future.
Moreover, the company is trading at a low Price / Book multiple of 0.35, which could indicate that the stock is undervalued relative to its book value. Such metrics are particularly relevant for shareholders as they assess the implications of the proposed changes to the Share Compensation Plan.
The dividend yield stands at an attractive 5.18%, which is significant for investors looking for income-generating investments. This is complemented by the fact that SSR Mining pays a considerable dividend to shareholders, reinforcing the company's commitment to returning value to its investors.
For those interested in further insights, there are additional InvestingPro Tips available, which can be accessed at Investing.com/pro/SSRM. As a special offer, users can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are 11 more InvestingPro Tips listed for SSR Mining, providing a deeper analysis for informed investment decisions.
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