Keweenaw Land shareholders reject dissident's nominees, proposals

By Lisa Kerner

Charlotte, N.C., June 24 - Keweenaw Land Association, Ltd. said its shareholders re-elected the company's director nominees, David E. McDonald Sr. and James P. Totten, to the board at the annual meeting on Tuesday.

Election results were certified by Corporate Election Services, Inc., according to a Keweenaw news release.

Keweenaw said three shareholder proposals put forth by Ronald S. Gutstein were defeated.

Gutstein and another dissident nominee, Scott Frisoli, did not receive any votes in the election as they elected not to submit their proxies at the meeting, said Keweenaw.

"It is gratifying that after two consecutive contested board elections, a significant majority of the company's shareholders continue to support the board's strategic plan to create value for all Keweenaw shareholders through long-term appreciation of the company's timberland and mineral assets," Keweenaw chairman and president David Ayer said in the release.

Keweenaw is an Ironwood, Mich.-based natural resource company that owns and manages mineral rights and timberlands.

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