Melrose Group Demands Shareholder Meetings for Hank Payments

The Melrose Group has urged regulatory bodies OSC, SEC, and TSX to ensure Hank Payments complies with Canadian law, facilitating necessary shareholder meetings. These meetings aim to assess recent corporate actions and elect a competent board. Requests were submitted well ahead of management’s alleged corporate actions closure.

Michael Hilmer and Jason Ewart, leading both Hank Payments and UpTempo Inc., are accused of obstructing shareholder engagement. The Melrose Group calls for support from new board members Jason Sawyer, Peter McRae, and target acquisition FUTR Inc. to back these meetings.

Despite requisitions submitted by Ticktin Law Group, meetings for Hank Payments and UpTempo Inc. have been ignored. Notably, UpTempo Inc. remains Hank Payments’ major shareholder.

As per Canadian corporate law, over 5% shareholders can request meetings, an action Melrose undertook on October 21, 2024. This follows alleged unelected board appointments pushing for an acquisition, diluting shareholders by 80% before a deadline in March 2025.

The Melrose Group insists shareholders should determine the company’s direction, especially as management’s tenure since 2018 has reportedly reduced business value.