Sherritt to Seek Court Approval for Shrunken Board to Continue to Act

By Robb M. Stewart

Sherritt International will delay the release of its quarterly financial results and plans to seek court approval for a slimmed-down board following the recent loss of directors after the Canadian company suspended its Cuban joint venture activities.

The company said it plans to issue a notice of application Monday in the Ontario Superior Court of Justice that will ask for a compliance order under the Canada Business Corporations Act permitting Sherritt's board to continue to act notwithstanding vacancies. It would allow the remaining directors to constitute a quorum, and also extend the time for the company to call its annual meeting of shareholders to not later than Sept. 30, 2026.

The application is scheduled to be heard before the Court on Thursday.

Sherritt said it plans to delay the release of its firs-quarter results until after the market closes Friday from prior plans to release them Tuesday to allow for the anticipated timing to seek the court orders. The company said it won't hold a meeting with investors following the release of the results.

Last week, Sherritt said it had suspended direct participation in venture activities in Cuba, and was taking steps to repatriate its employees in response to the Trump administration's ramped up efforts to force regime change on the island. Directors Brian Imrie, who was was named independent chair effective late November, Richard Moat and Brett Richards resigned from the company's board.

The Trump administration at the start of the month issued an executive order expanding sanctions against Cuba. The Canadian company at the time said it hasn't been formally designated under the order.

Sherritt owns a one-third interest in Energas, Cuba's largest independent energy producer, which runs roughly 10% of the country's national electricity-generating capacity. Sherritt's Moa joint venture, with partner General Nickel Co. of Cuba, mines, processes and refines nickel and cobalt for sale worldwide.

Sherritt said it will continue to consult with its advisors and stakeholders as it assesses the implications of the U.S. executive order.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 11, 2026 08:02 ET (12:02 GMT)