[June 10, 2011] Second City Issues Update and Correction With Respect to Bennett Environmental Tweet VANCOUVER, BRITISH COLUMBIA, Jun 10, 2011 (MARKETWIRE via COMTEX) -- Second City Capital Partners has been advised by Michael Blair that he has resigned from the board of Bennett Environmental Inc. ("Bennett"). Second City presumes, but does not know, that he will no longer stand for re-election. With respect to Bennett's stock option back-stopping scheme, Second City has been advised by Michael Blair (and Jamie Farrar, a director of Bennett, has confirmed) that, at a meeting of the Bennett board of directors, Mr. Blair agreed with Mr. Farrar's concerns about the financial risks being assumed by Bennett, and that Mr. Blair requested that the guarantee aspect of the stock option scheme be removed (on a go-forward basis). Second City apologizes to Mr. Blair and any other member of the Bennett board who objected to Bennett incurring these financial risks under the stock option backstopping scheme for any possible implication contained in Second City's proxy circular that they approved of this aspect of the scheme. The fact remains, however, that, prior to reversing this guarantee aspect, insiders, including Mr. Blair, exercised options and sold resulting shares while the flawed scheme was in place. This press release shall operate as an amendment to Second City's proxy circular dated June 6, 2011. About Second City Second City is a private equity fund managed by Vancouver-based Second City Capital Partners, a multi-fund private equity group. Contacts: Media: Longview Communications Inc. Alan Bayless (604) 694-6035 [email protected] Media: Longview Communications Inc. Joel Shaffer (416) 649-8006 [email protected] SOURCE: Second City Capital Partners mailto:[email protected] mailto:[email protected] [ Back To TMCnet.com's Homepage ]