U308 (
TSX:V.UWE,
Stock Forum), a Toronto-based Canadian uranium exploration firm, focused on rapidly growing resources to meet the rising demand for clean nuclear power, announced today that the company had renewed the shareholders rights plan that was due to expire May 25, 2014.
According to the
news release, the rights plan, in effect since 2008, will be substantially similar to the 2014 shareholder rights plan as the renewed version will maintain the protection given to shareholders under the original 2008 plan.
The renewal was not adopted as a response to any anticipated takeover bid, but will be put into effect immediately while waiting for shareholder approval at the 2014 annual meeting.
The new plan, which encourages fair treatment of shareholders should a takeover bid be made for U308, offers the board and shareholders an extended period to examine any unsolicited takeover bids that may come its way and is intended to discourage coercive or unfair takeover bids.