Business
Fancamp Exploration to Activist Nominees: Will You Defend Shareholders or Excuse Peter H. Smith’s $60 Million in Wasted Money?
VANCOUVER, British Columbia / Jun 15, 2021 / Business Wire / Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange:FNC) today released
About this update from Fancamp Exploration Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia / Jun 15, 2021 / Business Wire / Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange:FNC) today released the following open letter to Mr. Peter H. Smith’s director nominees (the “Smith Nominees”). AN OPEN LETTER TO THE SMITH ACTIVIST NOMINEES To Messrs. James Hunter, Louis Doyle, Mark Fekete, Mathieu Stephens and Greg Ferron: Before shareholders cast their vote at the upcoming annual general meeting on Tuesday, June 25, 2021, Fancamp believes it is critical for shareholders to know where you stand. We had previously written to your lawyers asking for you to provide clarity on these and other matters, but were rebuffed. Each of you has an obligation to let shareholders know where you stand. As you are all well aware of your fiduciary duties and accountability to Fancamp and all of its shareholders, we can only assume that the decision to avoid providing any substantive responses was at the recommendation of your lawyer or Mr. Smith. However, now is not the time to avoid accountability. It is time to tell shareholders what you will do to enhance accountability. We assume you, like us, recognize the double-standard in saying you cannot comment on these matters until elected, while at the same time already committing to cancel the ScoZinc transaction before you are elected. There is so much you do not know and yet you are already prepared to make an uninformed decision on the transaction. This should not give Fancamp shareholders any confidence in your ability to act as fiduciaries of the Corporation. We assume you have been as surprised as shareholders to learn about Mr. Smith’s 30 years of misconduct and financial mismanagement we have uncovered over the last few weeks, and would not have agreed to join his slate given the negative impact Mr. Smith’s actions will have on your reputations. As you know, under corporate law, a director has a duty to act honestly and in good faith, with a view to the best interests of the Corporation. With that in mind, and on behalf of shareholders, Fancamp would like each of the Smith Nominees to answer the following six questions: 1. Do you think it is appropriate that a shareholder who invested $100 when Mr. Smith first started is now left with only $40 – less than half? With 30 years of wasted money and missed opportunities, why should share...