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Streetwise Shareholder group removes nominees for Fission board

Battle at Fission began this summer when the uranium exploration company announced it intended to merge with Denison Mines.

Deborah Baic/The Globe and Mail

The leader of a dissenting group of shareholders says he has withdrawn his nominees for election to the board of directors of Fission Uranium Corp.

Jim Gifford, who heads FCU Oversight Canada Inc., said in a news release that he is still urging shareholders to signal dissatisfaction by voting "withhold" on all management nominees.

The battle at Fission began this summer when the uranium exploration company announced it intended to merge with Denison Mines Corp. Some shareholders objected to the price, seeing it as unreasonably low, and prevented the merger from obtaining the necessary level of support.

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Since the merger died, Mr. Gifford's FCU Oversight group has been swapping shots with management on a number of issues. He had announced plans to run a rival slate of candidates for the board at the company's annual meeting on Dec. 15.

Those plans have now died because "Fission had not yet made public the fact that replacing a majority of the board would trigger increased change-of-control payouts," according to a news release from FCU Oversight.

The company said the move demonstrates the lack of any widespread dissatisfaction with the company's governance. "This withdrawal now is the final indication they lack the support of other shareholders who have strongly endorsed continuing with the current board," William Marsh, lead director, said in a news release.

Institutional Shareholder Services, a proxy advisory service, advised shareholders earlier this week to vote in favour of the candidates backed by management, according to a release from Fission Uranium.

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