Holding roughly one-third of Sherritt’s notes and 15% of its common shares, Kyma argues that the December 15 meeting date is a deliberate attempt to bypass a special vote until after the October expiration of an exclusivity agreement with Gillon Capital. Akshay Shah, Kyma’s Chief Investment Officer, contends that scheduling the meeting after the exclusivity window closes turns the vote into a post-mortem rather than an exercise in shareholder democracy.

This confrontation is intensified by a public rift between Sherritt’s board and its creditors. While Sherritt claims to be in active negotiations regarding a recapitalization, the Ad Hoc Group of noteholders has publicly denied any meaningful engagement. The group further claims that alternative, funded proposals have been ignored, warning that further delays will only inflate the company’s capital requirements and operational costs.

Kyma has demanded that the board immediately disclose all transaction-related incentives, including potential success fees, retention bonuses, and severance packages tied to the Gillon proposal. Citing a similar 2024 dispute where the company utilized technical objections to delay leadership changes, Kyma has placed the board on formal notice to preserve all relevant communications. The firm intends to proceed with a requisition to oust Dr. Hancock and one other director, seeking to install independent leadership before the company’s financial alternatives are exhausted.