SHERRITT INTERNATIONAL $3.71 (Toronto symbol S; TSINetwork Rating: Speculative) (1-800-704-6698; www.sherritt.com; Shares outstanding: 297.3 million; Market cap: $1.1 billion; Dividend yield: 4.6%) has announced that it plans to sell all of its coal interests. Two buyers will pay a total of $793 million in cash and assume $153 million of leases.
These sales will let Sherritt focus on its nickel, cobalt and oil interests and pay down some of its $2.1-billion debt.
Separately, the company will hold a special shareholders’ meeting on May 6 in response to a request from activist investment firm Clarke Inc. (symbol CKI on Toronto), which owns 5.2% of Sherritt’s shares.
Clarke wants to appoint three members to Sherritt’s board of directors. It also wants to cut its board to seven members from nine.
It’s uncertain how Sherritt’s shareholders will respond to Clarke’s requests. Either way, though, it draws attention to the company’s positive long-term prospects.
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