AGM DELAY TACTICSMaxmoe or others knowledgeable about good corporate governance practices;
How is it that when the AGM of 2020 was due to happen in October of that year, the company went to great lengths to ask the B.C. Registrar of companies for an extension and publicized it, twice if not mistaken. The reasons given for the extension were due to Covid 19 which was a joke since the majority of other companies had no difficulty with using the online platform such as Lumi.
And, the extension given then was a cover to try to push through the Scozinc,now EDM plan of arrangement whereby Fancamp shareholders would lose 45% of their equity. Thanks to Smith, Hunter and others that plan was eventually stopped.
But, here we are, today, with an AGM that is now 15 months overdue with no news or information about a delayed AGM and meanwhile between October and December of 2023, the fancamp management and BOD announce a f'ng outrageous private placement to devalue shareholders by 37%!! Are we supposed to be thankful it is not 45% !! Plus they make an outrageous placement into EDM. Holy Smokes Batman.
It is my understanding from the BCCA that a public company must make every attempt possible to hold its AGM within the period of ONE calendar year, unless there are obvious extenuating circumstances. This information should be out there, whatever reason is given.
In my view, the extenuating circumstances in this case include self serving Placements to keep rightful and contrarian shareholders without the benefits extended to the chosen many. I mean 60M plus shares - this action belies any form of good social governance. It is clearly piggy and worse damning to the company as a whole.
So, where is the announcement of an extension for the AGM from the B.C. Registrar of companies like last time? When will the BCSC step in and require it?
When will the BCSC initiate a full investigation into the operations of this company?