Glass Lewis Recommends MFC Shareholders To Vote Against Kellogg Controlled Board

(RTTNews) - MFC Industrial Ltd. (MIL) announced that the other independent proxy advisory and corporate governance firm, Glass, Lewis & Co. , has recommended that MFC shareholders vote "AGAINST" Peter Kellogg/ IAT Reinsurance Company Ltd.'s attempt to improperly take control of the MFC board at the upcoming annual general and special meeting of MFC to be held on December 27, 2013 and to withhold their votes from the election of Peter Kellogg as a director, citing concerns, among others, regarding the Kellogg Group's "questionable behavior".

Glass Lewis has recommended that MFC shareholders vote "AGAINST" the Kellogg Group's proposal to fix the number of directors at 11. Glass Lewis commented that: "we believe that the board is in the best position to determine the appropriate number of directors" and that "it appears [the Kellogg Group's] plan falls short of a comprehensive detailed plan that would warrant granting the Dissident majority control of the board."

On Monday, MFC Industrial announced that Institutional Shareholder Services Inc. or "ISS", an independent proxy voting and corporate governance advisory firm, has recommended that MFC shareholders vote "Against" the proposal by Peter Kellogg and IAT Reinsurance Company, Ltd. or the "Kellogg Group" to take control of the MFC board at the upcoming annual general and special meeting of MFC to be held on December 27, 2013 and withhold their votes from the election of Peter Kellogg as a director.

MFC today urged its shareholders to carefully review MFC's communications to shareholders and Proxy Circular and promptly vote only their WHITE proxy well in advance of the proxy voting deadline of December 24, 2013 at 4:00 p.m. (Hong Kong time).