FP says a proxy fight is looming at Fission Uranium
FP says a proxy fight is looming at Fission Uranium
2015-10-29 09:04 ET - In the News
Also In the News (C-DML) Denison Mines Corp
The Financial Post reports in its Thursday, 0ct. 29, edition that a spat between Fission Uranium and a retail shareholder group has escalated to the point where the shareholders are working on a plan to launch a proxy fight. The Post's Peter Koven writes that Fission's board this week adopted an "advance notice bylaw." The bylaw forces the shareholder group, known as FCU OverSight, to give the company 30 days notice if it wants to name new directors at Fission's annual meeting, slated for Dec. 15. FCU OverSight founder Jim Gifford is busy trying to find dissident director nominees to meet the advance-notice deadline. This dispute was brewing for months before it finally broke out in public this week. Fission's Patterson Lake South project in Saskatchewan got bigger, chief executive officer Dev Randhawa said he expected Fission to be acquired by a major uranium producer, like Cameco. No premium offer materialized. Instead, Mr. Randhawa announced a friendly merger in July with Denison Mines, but Fission's retail investors were vocally opposed. Fission failed to get the needed votes to okay the merger. FCU says the Fission board is not acting in the best interest of shareholders.