Sherritt Responds to Requisition
Sherritt International’s Cuba joint venture suspension and refinery shutdown raise going concern risks as Kyma seeks board seats.
Sherritt International Corporation (S) addressed a requisition issued on July 22, 2026, by Kyma Capital Opportunities Master Fund Limited, which demanded the appointment of two new directors and the retention of an existing nominee. The Board determined the requisition was ineffective under the Canada Business Corporations Act (CBCA) because an annual meeting was already scheduled for December 15, 2026, with a record date of October 30, 2026.
Despite deeming the requisition ineffective, Sherritt agreed to convert the December 15 meeting into a combined annual and special meeting to include all Kyma proposals. The December meeting date was previously set to allow time for the expiry of the exclusivity period with Gillon Capital on October 12, 2026, regarding a proposed private placement. No new operational, financial, or strategic developments are disclosed in this release.
Sherritt International Corporation issued a standard corporate governance update regarding a requisition response, which does not alter the company's fundamental going concern status, operational suspension, or pending Gillon Capital transaction. The release adds no new financial, operational, or strategic data.
The market has already fully priced in the Cuba sanctions, refinery shutdown, and liquidity crisis, as evidenced by the stock's approximately 55% decline from its April 2026 peak to current levels.
Sherritt International Corporation (S) operates a Moa Joint Venture in Cuba, a nickel and cobalt mining and processing partnership with General Nickel Company S.A. Operations at the Moa site have been suspended indefinitely due to U.S. sanctions and fuel supply constraints.
The company’s Fort Saskatchewan Refinery in Canada, a hydrometallurgical facility that processes mixed sulphides into finished nickel and cobalt, entered a controlled shutdown after its feed inventory was depleted on June 22, 2026.
Sherritt also holds a 33% interest in Energas S.A., a power generation joint venture and the largest independent energy producer in Cuba. Operations at Energas were suspended alongside the Moa JV. While dividends to Sherritt doubled to $26 million in fiscal year 2025, those payments are now at risk.
Headquartered in Canada and listed on the TSX, Sherritt is currently led by Interim CEO Dr. Peter Hancock, who is guiding the company through a leadership transition and liquidity crisis.