Is LL behind the price manipulation?Another takeove Attempt?
Uranium News: Fission Retail Shareholder Group Prepares for Proxy Fight In other uranium news, Cantor Fitzgerald is positive on the uranium price and NexGen Energy hit radioactivity on all five final holes from its summer drill program. Kivalliq Energy CEO Jim P Kristen Moran October 29, 2015 Add Comment . [ssbp] Uranium news this week has centered on the possible merger between Fission Uranium (TSX:FCU) and Denison Mines (TSX:DML,NYSEMKT:DNN) an arrangement that has some shareholders up in arms. 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 groups recent press release, it appears CEO Dev Randhawa is one of those targeted. Fissions 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. Uranium-eBook-Cover Get Our Expert Guide to Uranium Investing FREE! Download this FREE Special Report, Uranium Future Outlook: Uranium Price Forecasts and Top Uranium Stocks to Watch 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 wasnt official until October 6, didnt impact the outcome of the vote. Whats more, Talbot said the shareholder group has not asked Randhawa or the Fission board for a meeting, contrary to OverSights press release. Similarly, Fuel Cycle Week editor Andrea Jennetta said in a newsletter that its 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. Its also worth noting that rumors are circulating that Gifford is leading FCU OverSight with the aim of gaining a seat on Fissions 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, Fissions share price was down 1.64 percent and closed at $0.60. Year-to-date the company is down 30.23 percent.