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by Mike Caswell

A judge in the Supreme Court of British Columbia has ruled in favour of a dissident group that attempted to oust the board of NEX listing Skychain Technologies Inc. in 2024. The judge has found that the annual general meeting of the company was held in a manner that was "oppressive or unfairly prejudicial." In particular, the company deprived dissidents of their right to vote, the judge has ruled.

The decision is contained in a judgment released on Monday, Oct. 6. The case arises from a dissident battle that has been under way at Skychain since late 2024. A shareholder group complained that the company had losses of $5-million or more for 2022 and 2023, while paying "exorbitant salaries and management fees." The dissidents further said that the board planned to shift the business away from cryptocurrency mining without input or approval from shareholders.

As with most dissident battles, the shareholder group proposed a slate of directors and solicited proxies ahead of the company's AGM, scheduled for Nov. 7, 2024. As also often happens in dissident battles, the meeting was a contentious one. Among other things, the chair of the meeting refused to allow the dissident proxies, which represented 54.77 per cent of Skychain's shares. With both sides having lawyers, the matter soon landed in court.

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