Fission Uranium dissident hires special adviser
Fission Uranium dissident hires special adviser
2015-11-02 06:27 ET - News Release
Mr. Jim Gifford of FCU Oversight reports
FCU OVERSIGHT CANADA INC., RETAINS SPECIAL ADVISOR
FCU OverSight Canada Inc. is providing this material update for all Fission Uranium Corp. shareholders and other interested parties.
FCU OverSight Canada Inc., has retained Blair Lockhart as a special Advisor. Ms. Lockhart joins FCU OverSight at an important juncture to provide advice as it seeks to fully understand all aspects of the business of Fission Uranium Corp. Ms. Lockhart is a lawyer with substantial experience in securities, corporate and mining law. Most recently she was Senior Legal Counsel in the BC Securities Commission's Corporate Finance Group, and has worked at companies in the technology and mineral exploration sectors as a lawyer' for 15 years. Previously, Ms. Lockhart was a Crown Prosecutor. Ms. Lockhart is an experienced geologist, working on mineral exploration projects throughout Western Canada and internationally, and was the founding Faculty Lead of BCIT's Centre for Mine Economics and Business. Ms. Lockhart holds a Master of Laws (with Merit) from the School of Oriental and African Studies, UK; Bachelor of Laws from the University of British Columbia; a Master of Science from the University of Alberta, and a Bachelor of Science (Honours) from the University of Manitoba. UBC. Further, Ms. Lockhart is an active member of the BC Environmental Appeal Board, the BC Forest Appeals Commission, and the BC Oil and Gas Appeal Tribunal.
In addition to her professional pursuits, Ms. Lockhart is an active member of not-for-profit organisations including: Canadian President of Children's International Summer Villages, an international children's peace education organisation, and is a member of the Beauty Night Society, a charity assisting disadvantaged women in the downtown east-side of Vancouver.
"I thank Ms. Lockhart for choosing to be a part of our effort. All FCU shareholders should take comfort knowing that FCU OverSight is taking its responsibility to shareholders seriously, and that as we continue in the effort to understand the business and actions of Fission Uranium Corp., Ms. Lockhart will be instrumental in the process" - Jim Gifford, FCU OverSight Incorporated.
ADVANCE NOTICE POLICY AND RELATED UPDATES FROM FCU OVERSIGHT CANADA INC.
ADOPTION OF BY-LAW Earlier this week, the Company announced the adoption of an Advanced Notice Policy by its Board of Directors. The Advance Notice Policy requires any shareholder wishing to nominate directors for election at the upcoming Annual General Meeting of the Company to be held on December 15, 2015, to submit the names of the nominees and material biographical and other information by November 15, 2015. Advance notice policies have been widely adopted over the past several years, often as a tactic by desperate management to entrench incumbent directors by prohibiting minority shareholders from finding qualified individuals to contest elections right up to the time of the meeting. It appears to FCU OverSight that it is clear that the Company is aware that its shareholders wish to make changes to the Board and, as always, FCU OverSight endorses any procedures that will assist in the wishes of the shareholders being given effect to.
"PEOPLE THINK I'M GOD"
The above quote, as contained in an October 27, 2015 posting on CEO.CA, is extracted from an article focusing on an interview with the Company's current Chairman and CEO Dev Randhawa in which he continues to suggest that those shareholders of the Company who are neither "institutional" nor "the big boys" are naive and are "dreaming".
THE "PEA WAS SO GOOD IT BLEW OUR MINDS"
Another quote from the CEO.CA article, Mr. Randhawa finally acknowledges the import of the PEA that was released shortly after the Company entered into the now defunct Plan of Arrangement with Denison. Yet Mr. Randhawa still has not found it appropriate to acknowledge the Board's mistakes in entering into a Plan of Arrangement Agreement in advance of the PEA. It was left to us, the shareholders, to take steps to defeat that poorly formed plan.
DECEMBER 15 ANNUAL GENERAL MEETING
FCU OverSight intends to recommend for election at the upcoming Annual General Meeting of the Company, a board of directors to replace all, or at least a significant number, of the current Board. As part of our due diligence, we are looking at the incumbent directors and are hopeful that one or more will reach out to us in order to discuss their contribution to the Company to date. FCU OverSight is in discussions with a number of highly qualified individuals and once we have commitments, we will share those names and information as required by the advance notice policy by-law.
WORKING TOGETHER WITH THE COMPANY
FCU OverSight contacted Mr. Randhawa by telephone with the hopes of engaging in an initial conversation, to be followed by an in-person meeting, to discuss a number of issues, including those around the upcoming Annual General Meeting. Our goal was to work jointly with the Company in order to ensure that all director nominees would be contained in the Company's circular, with one proxy, so that the shareholders of the Company can make an informed decision with the minimal amount of confusion and disruption. However, when FCU OverSight began explaining the reason for the call, Mr. Randhawa interrupted and explained that questions of this nature would have to go through his lawyer. Given this, we will reach out to the Company's lawyer in the hopes that a level of cooperation can be achieved, but unfortunately, our expectations are not high in this regard.
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