(TSX:FCU) (OTCQX:FCUUF) (FRANKFURT:2FU)
TORONTO, Dec. 8, 2015 /CNW/ - In response to shareholder inquiries regarding a "Withhold" vote, FCU OverSight Canada Inc. ("OverSight") provides the following update.
OverSight said "Under Fission's majority voting policy, if the number of "Withhold" votes exceeds the number of "For" votes for any director, then that director must tender his resignation. The Nominating and Corporate Governance Committee considers the resignation, and recommends to the Board whether to accept or reject it. If the Board accepts it, only then does the resignation become effective. As a result, even if the "Withhold" vote exceeds the "For" vote for each director, in the first instance, all nominees will remain as directors, and the change of control termination provisions will not immediately be triggered. The onus then falls on Fission to decide what action to take. The withhold campaign is a protest against the current Board of Directors and incumbent management's operation of the company. If the majority of shareholders express their dissatisfaction by withholding their votes for the management nominees, the Board alone will determine whether the generous "golden hand-shakes" will be awarded.
Jim Gifford of OverSight said "OverSight exists so that Fission shareholders can have their collective voices heard. The upcoming AGM will allow shareholders the opportunity to express their feelings for the second time in two months. Shareholders have a clear choice - endorse management and the BOD, or choose to Withhold. We will respect either outcome".
Additionally, OverSight noted that it is amending its Letter to Shareholders dated December 2nd, 2015. In the section titled "Respect for All Shareholders" - subtitled "We're Fission Owners too" - sub-section "Who is Nominal" - the statement "Management nominees own NONE" is corrected to "Three Management nominees own NONE" - for clarity, and as it was originally intended by OverSight.
OverSight recommends that Fission shareholders exercise their right to vote WITHHOLD on ALL of management's nominees, sending a clear message of dissatisfaction with the status quo. OverSight invites all shareholders to view its materials on SEDAR.com and on FCUOverSight.ca.
FCU OVERSIGHT CANADA INC. is a private Canadian corporation that was created for the purpose of assisting all shareholders of the Company to have their collective voices heard.
SOURCE FCU OverSight Canada Inc.
For further information: FCU OverSight Canada Inc. www.fcuoversight.ca; @fcuoversight, firstname.lastname@example.org