(TSX:FCU) (OTCQX:FCUUF) (FRANKFURT:2FU)
VANCOUVER, Oct. 29, 2015 /CNW/ -
ADOPTION OF BY-LAW
Earlier this week, the Company announced the adoption of an Advanced Notice Policy by its Board of Directors. The Advance Notice Policy requires any shareholder wishing to nominate directors for election at the upcoming Annual General Meeting of the Company to be held on December 15, 2015, to submit the names of the nominees and material biographical and other information by November 15, 2015. Advance notice policies have been widely adopted over the past several years, often as a tactic by desperate management to entrench incumbent directors by prohibiting minority shareholders from finding qualified individuals to contest elections right up to the time of the meeting. It appears to FCU OverSight that it is clear that the Company is aware that its shareholders wish to make changes to the Board and, as always, FCU OverSight endorses any procedures that will assist in the wishes of the shareholders being given effect to.
"PEOPLE THINK I'M GOD"
The above quote, as contained in an October 27, 2015 posting on CEO.CA, is extracted from an article focusing on an interview with the Company's current Chairman and CEO Dev Randhawa in which he continues to suggest that those shareholders of the Company who are neither "institutional" nor "the big boys" are naïve and are "dreaming".
THE "PEA WAS SO GOOD IT BLEW OUR MINDS"
Another quote from the CEO.CA article, Mr. Randhawa finally acknowledges the import of the PEA that was released shortly after the Company entered into the now defunct Plan of Arrangement with Denison. Yet Mr. Randhawa still has not found it appropriate to acknowledge the Board's mistakes in entering into a Plan of Arrangement Agreement in advance of the PEA. It was left to us, the shareholders, to take steps to defeat that poorly formed plan.
DECEMBER 15 ANNUAL GENERAL MEETING
FCU OverSight intends to recommend for election at the upcoming Annual General Meeting of the Company, a board of directors to replace all, or at least a significant number, of the current Board. As part of our due diligence, we are looking at the incumbent directors and are hopeful that one or more will reach out to us in order to discuss their contribution to the Company to date. FCU OverSight is in discussions with a number of highly qualified individuals and once we have commitments, we will share those names and information as required by the advance notice policy by-law.
WORKING TOGETHER WITH THE COMPANY
FCU OverSight contacted Mr. Randhawa by telephone with the hopes of engaging in an initial conversation, to be followed by an in-person meeting, to discuss a number of issues, including those around the upcoming Annual General Meeting. Our goal was to work jointly with the Company in order to ensure that all director nominees would be contained in the Company's circular, with one proxy, so that the shareholders of the Company can make an informed decision with the minimal amount of confusion and disruption. However, when FCU OverSight began explaining the reason for the call, Mr. Randhawa interrupted and explained that questions of this nature would have to go through his lawyer. Given this, we will reach out to the Company's lawyer in the hopes that a level of cooperation can be achieved, but unfortunately, our expectations are not high in this regard.
FCU OverSight Canada Inc. is a private Canadian Corporation that was incorporated for the purposes of assisting all shareholders of the Company to have their collective voices heard. Please feel free to follow FCU OverSight as we move forward towards the December 15, 2015 Annual General Meeting.
SOURCE FCU OverSight Canada Inc.
For further information: Material information, as well as a discussion forum, can be found at www.fcuoversight.ca @fcuoversight firstname.lastname@example.org