Recently Crescendo Partners, a shareholder of The Forzani Group Ltd. (“FGL”) launched a bid for seats on the FGL Board of Directors. As part of this bid, Crescendo has nominated an alternative slate of directors that excludes the Quebec representative on the Board, Mr. Henri Drouin.
Quebec represents almost one-third of FGL’s retail sales. We believe that representation on the Board of FGL by Mr. Drouin, a Quebecer who has relevant retail and wholesale experience and who has himself been a franchisee, is essential. Mr. Drouin, who has run sporting goods, building supply and grocery stores, and who for 21 years was Chairman of the Board of RONA Inc., also acts as a voice on the FGL Board for the franchise business, and for Quebec. The Crescendo proxy proposes instead U.S.-based nominees who have inferior business experience and who appear to have no experience in Quebec.
