VANCOUVER — Things might be a little tense at Fission Uranium‘s (TSX: FCU; US-OTC: FCUUF) annual general meeting (AGM) in mid-December due to a proxy battle launched by a retail shareholder looking to replace its board of directors. Word initially emerged about a group calling itself FCU OverSight in early October, and though there seems to be limited risk of a full-blown takeover, Fission management is taking the action seriously.
The company responded to the potential action by enacting an advance notice bylaw that dictated any new board nominations must be submitted within 30-days of its AGM, which is scheduled for Dec. 15. According to Fission CEO Dev Randhawa, a retail shareholder named James Gifford, who owns roughly 126,000 shares, submitted his own list of nominees “around an hour” before the corporate deadline.
“We’ve never been able to schedule a direct meeting or call with this group, but from what we’ve gathered externally they feel our Patterson Lake South (PLS) discovery is a production ready asset that needs to advance towards development,” Randhawa explained during an interview.
“I said: ‘Great, well if you have people you think are more qualified put some names forward and we’ll definitely take a look.’ Unfortunately, they didn’t opt to go about this in the usual way and what has happened is really an unfortunate distraction, which we’re prepared to deal with. We take this very seriously, and in my view what these people are doing is irresponsible,” he elaborated.
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