(TSX:FCU) (OTCQX:FCUUF) (FRANKFURT:2FU)
VANCOUVER, November 14, 2015
FCU OverSight Canada Inc., Provides Update to All Shareholders of Fission Uranium Corp., and Other Interested Parties.
FCU OverSight Canada Inc., and G. James Gifford as the Nominating Shareholder, would like to inform all Fission Uranium Corp., shareholders that Notice has been submitted to Fission pursuant to Fission’s Advance Notice Policy to nominate directors for election at Fission’s Annual General Meeting to be held on December 15, 2015.
FCU OverSight Canada Inc., and G. James Gifford as the Nominating Shareholder, will be making further announcements regarding the nominees in the near future, so that all Fission shareholders will be able to make an informed decision as to who is best able to guide the future of the company at this important time.
FCU OVERSIGHT CANADA INC.
FCU OverSight Canada Inc. is a private Canadian Corporation that was incorporated for the purposes of assisting all shareholders of the Company to have their collective voices heard. Please feel free to follow FCU OverSight as we move forward towards the December 15, 2015 Annual General Meeting.
RELATED LINKS www.fcuoversight.ca
October News :
October 6th : FCU OverSight Forms on Behalf of FCU Shareholders
Pre - Town Hall Meeting October 6th Royal York
Dundee Says FCU OverSight Will "Fade Away"
Re: Market Commentary - Thursday, October 29, 2015
Title: Uranium News: Fission Retail Shareholder Group Prepares for Proxy Fight
Author: Kristen Moran
The dispute between the company and a retail shareholder group known as FCU OverSight reached new heights as the group announced plans to launch a proxy fight over the merger and have certain Fission board members removed. Based on the group's recent press release, it appears CEO Dev Randhawa is one of those targeted.
Fission's board of directors reacted to the threat by amending its by-laws and adopting an advance-notice provision that forces shareholders to give the company 30 days notice if they want to name new directors at the annual general meeting scheduled for December 15.
FCU OverSight founder Jim Gifford hired lawyer Blair Lockhart as a special adviser and is trying to find "dissident director nominees" to meet the fast-approaching advance-notice deadline. According to a Financial Post article, the dispute brewed for months before it finally came out to the public this week.
While Fission seems to taking the group seriously, Dundee Capital Markets analyst David Talbot sees the threat of FCU OverSight fading away. A majority of Fission shareholders voted in favor of the merger, he said, and FCU OverSight, which wasn't official until October 6, didn't impact the outcome of the vote. What's more, Talbot said the shareholder group has not asked Randhawa or the Fission board for a meeting, contrary to OverSight's press release.
Similarly, Fuel Cycle Week editor Andrea Jennetta said in a newsletter that it's clear that there is a lot more going on behind the scenes than anyone knows, adding that the likelihood that FCU OverSight will see success is slim.
It's also worth noting that rumors are circulating that Gifford is leading FCU OverSight with the aim of gaining a seat on Fission's board, not because he supports shareholders' best interests. However Gifford told the Investing News Network that he has "no designs on a board of directors seat."
He added that FCU OverSight will be bringing adequate director nominees before the advance-notice deadline, and said that he has "always known that only the highest-quality board of director nominees will stand the scrutiny of retail and institutional shareholders."
It will be interesting to see what manifests over the next couple weeks. At end of day Thursday, Fission's share price was down 1.64 percent and closed at $0.60. Year-to-date the company is down 30.23 percent.
NOTICE : This information, this page, and this website as a whole, is not intended to, and does not, constitute a solicitation of proxies in relation to the Fission AGM. Any solicitation of proxies by, or on behalf of, FCU OverSight or G. James Gifford as the nominating shareholder in relation to the Meeting, will take place upon and following the dissemination of the information circular and other meetings materials in accordance with applicable law.