Fintech

Fancamp Stalls AGM Again, Denies Shareholder’s Their Right to Vote and Continues to Waste Money

Published

3 years ago

June 21, 2021

Concerned Shareholders are outraged by entrenched board and management’s continued disregard for shareholder rights and shareholder democracy with their last-minute postponement of the AGM scheduled for June 29,2021.
Concerned Shareholders condemn the improper waste of shareholder’s money on legal manoeuvring undertaken solely to further entrench themselves.
Concerned Shareholders demand that Fancamp provide all shareholders as of the current record date May 28, 2021, the opportunity to vote at a fair and transparent AGM.
Concerned Shareholders respond to the Open Letter to the Concerned Shareholders nominees.
Concerned Shareholders wish to thank shareholders who have submitted their proxies and the overwhelming support that has been given to date on the GREEN proxy.

Montreal, Quebec–(Newsfile Corp. – June 21, 2021) – Incumbent director of Fancamp, Dr. Peter H. Smith, who, together with joint actors James Hunter and his affiliates, Mark Fekete and Heather Hannan, (the “Concerned Shareholders“) hold in aggregate, directly and indirectly an aggregate of 22,285,597 shares, representing approximately 12.63% of Fancamp Exploration Ltd.’s (“Fancamp” or the “Company“) issued and outstanding common shares, are utterly outraged and frustrated with the continued misrepresentation and lack of respect for shareholder’s rights and shareholder democracy that is continually exhibited by the entrenched board and management of Fancamp.

On Wednesday, June 16, 2021, a petition was filed in court to ensure that the shareholders of Fancamp have a fair annual general meeting (“AGM“). The petition was made because the entrenched board and management have steadfastly refused to respond to commonplace reasonable requests made by the Concerned Shareholders with respect to the conduct of the AGM aimed at ensuring that ALL shareholders are entitled to vote for the election of their chosen nominees to the Company’s board. The entrenched board and management simply cannot be trusted to maintain the integrity of a fair and transparent AGM. Rather than address the issues clearly outlined in multiple letters to the Company, and ultimately set forth in Dr. Smith’s petition, Fancamp chose to continue to deny shareholders a fair and timely AGM and to avoid accountability for their arrogant, greedy, value destroying actions. Following a hearing on Friday June 18, 2021, to allow the hearing of the petition prior to the AGM date, the entrenched board and management have shown their true colours by cowardly issuing a press release on Saturday afternoon announcing a postponement of the AGM which allow them to escape the criticism and negative feedback they will undoubtedly receive for again defiantly delaying the AGM in an attempt to entrench themselves further. To be clear – regardless of the intention or competence of the Company to respond in a timely manner – if the Company plans to comply with the rules of court in response to the petition, there is no requirement under applicable corporate law to change the record date for the AGM or delay the meeting date for the AGM beyond July 26, 2021.

This latest delay to the AGM is another tactic in an expensive and vicious campaign to discredit, exhaust and outlast Dr. Smith in his efforts on behalf of ALL shareholders. Fancamp cynically disparages Dr. Smith’s actions as costly and unnecessary but has scornfully misappropriated Company funds to engage the services of FOUR law firms, KPMG and Kingsdale Advisors in order to intimidate Dr. Smith. However, they have the nerve to state that if the Concerned Shareholders are successful that they should not reimburse themselves for their reasonable expense which is a legal right afforded to them. Dean Journeaux and Charles Tarnocai, as incoming management nominees, should take note and be wary of the abuse of shareholder rights and the bullying, harassment and coercion Dr. Smith has endured simply for advocating for a fair and timely AGM, or at the least, the right of shareholders to vote on the dilutive, conflicted transaction with ScoZinc Mining Ltd. (the “ScoZinc Transaction“).

As the Company has stated in their press release dated June 19, 2021, they have rejected our request for shareholder democracy which forced the Concerned Shareholders to make this petition. Because the Company has simply refused, we have asked for commonplace procedures aimed at ensuring that all shareholder have the right to vote for the board nominees of their choice, a rejection of automated voting that the courts have previously stated are improper in the course of a contested proxy solicitation, provision of the documentation required to be provided by the Company signed by management nominees prior to the AGM under the outdated and unconfirmed advance notice policy, and the appointment of an independent chair for this highly charged meeting. The truth is the use of the petition as the reason for the delay is another one of the many smoke and mirror tactics the entrenched board and management are weaponizing to further unjustly preserve their position to further destroy shareholder value while enriching themselves. As shareholder support for the Concerned Shareholder nominees has been decisive and overwhelming, it has become apparent to the entrenched board and management that shareholders have let their voices be heard in rebuke of management’s arrogant disregard of shareholders best interests and egregious endorsement of the highly dilutive, self-serving and non-arm’s length ScoZinc Transaction. As the entrenched board and management are now well aware, that they cannot win this proxy fight; they do not have the requisite shareholder votes and they are now using this as an excuse to adjourn the meeting.

The TSX Venture Exchange Inc. (the “TSXV“), in granting conditional approval of the Scozinc Transaction. also required the Company to hold the Meeting as soon as possible and, in any event, at least two days prior to the closing of the Arrangement. The Company is in breach of section 4.1 of Exchange Policy 3.2 which states:

Every Issuer must hold an annual meeting of its Shareholders by the earlier of the time required by applicable corporate or securities legislation and 18 months after:

(a) the date of its incorporation; or

(b) the date of its certificate of amalgamation, in the case of an amalgamated Issuer,

and subsequently thereafter in each year not more than 15 months after its last preceding annual meeting of Shareholders or such earlier date as required by applicable corporate or Securities Laws.

The last AGM was held in October, 2019, which is 20 months ago. Not only is the Company in breach of this TSXV requirement, this continuing breach further highlights the lack of respect for shareholder democracy.

It is evident that this proposed adjournment is being utilized as a defensive measure. Fancamp knows it does not have the votes to win the proxy fight as Dr. Smith has received overwhelming support through the proxies received to date. Accordingly, Fancamp is proposing to adjourn to try to figure out a scheme to garner more votes to attempt to entrench themselves further. This flies in the face of shareholder democracy and is an utter disrespect of the TSXV rules and policies.

Further, Fancamp is trying to “financially ruin” Dr. Smith as it has threatened previously through the multiple actions and complaints that it has brought against him, the unreasonable positions it has taken with respect to the conduct of the AGM and the costs that the Company is making him incur.

Well, we are putting the entrenched board and management on notice that we will challenge them every step of the way in the name of shareholder democracy, and will continue to fight for a fair and transparent AGM that maintains integrity of the process without any further delays.

FANCAMP’S OPEN LETTER TO CONCERNED SHAREHOLDERS NOMINEES

The Concerned Shareholders saw the news release that was issued by the Company and strongly oppose the Open Letter. Initially the Concerned Shareholders position was to ignore the rhetoric and not even respond to the letter as it has been responded to in our press releases dated May 28, June 8 and June 14. The entrenched board and management’s continued pursuit of asking rhetorical questions that add no value only highlights that they have made a decision to try to impugn Dr. Smith’s reputation. Nowhere do they try to stick to the issues at hand to either (a) explain to shareholders why the ScoZinc Transaction is in their best interest which justifies the massive dilution serving only the purpose of enriching and entrenching themselves or (b) why it is that the entrenched board and a management nominees are the right people for the future of Fancamp. The answer is because they know that the ScoZinc Transaction is not in the best interest of ALL shareholders and the fact that their nominees are not positioned to be stewards of YOUR money, they have decided to unnecessarily bully and harass an 80+ year old man and try to financially ruin him simply because he was brave enough to stand up for shareholder democracy.

The truth is this could have been avoided if the entrenched board and management exercised their fiduciary duties, respected shareholder democracy and respected your rights and had the AGM back in October 2020 and/or allowed shareholders to have a say on the ScoZinc Transaction. However, they did not do either so what does that say about them?

We will turn the spotlight on the entrenched board and management and ask the new Fancamp nominees whether they are truly aware of what has transpired to date? Are they aware that the entrenched board and management in the face of a proxy fight have spit in the face of shareholder democracy and shareholder rights to adjourn a meeting when it has been 20 months since the last one? Were you aware that the cowards issued a press release on a Saturday announcing the adjournment of the AGM so they would not face any scrutiny or public criticism? Have you asked the right questions about your board? Have you asked Mr. Mehra why his tenure at Glencore International PLC was so short? Why was he the shortest tenured Chair of the International School of Zug and Luzern or why is it so eerily familiar the allegations being made by the Concerned Shareholders and the then concerned shareholders of GT Gold Corporation (“GT Gold”) about Mr. Mehra’s complete disregard for shareholder democracy. Mr. Mehra was only saved from an embarrassing loss and embarrassing stories about his conduct by the acquisition of GT Gold by Newmont Corporation. As far as we know this is the first time in Canadian history that one man was subject to two proxy fights at the same time.

Shareholders are urged to stop the entrenched board and management from further entrenching themselves by voting your GREEN form of proxy today or no later than 5:00 pm (Toronto Time) on Thursday June 24, 2021.

Advisors

Farris LLP are acting as legal advisors to Dr. Peter Smith and Gryphon Advisors Inc., are acting as their strategic shareholder communications and proxy advisor. Gryphon’s responsibility will include providing strategic advice and advising the Concerned Shareholders with respect to the Meeting and proxy protocol.

The registered address of Fancamp is located at 3200 – 650 West Georgia Street, Vancouver, BC, V6B 4P7. The mailing and head office address of Fancamp is 7290 Gray Avenue, Burnaby, British Columbia V5J 3Z2. A copy of this press release may be obtained on Fancamp’s SEDAR profile at www.sedar.com.

For more information regarding the Concerned Shareholders’ position please contact:
Gryphon Advisors Inc.
Tel: 1-833-461-3651
Email: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88123

Fintech

Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations

Published

2 days ago

November 21, 2024

Peter Tolan

fintech-pulse:-daily-industry-brief-–-a-dive-into-today’s-emerging-trends-and-innovations

The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.

Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion

Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.

By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.

Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.

Source: Fintech Futures.

Juniper Research Highlights 2025’s Payment Trends

Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.

The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.

Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.

Source: Juniper Research.

MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets

MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.

MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.

Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.

Source: MeaWallet News.

Nucleus Security Among Deloitte’s Fastest-Growing Companies

Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.

With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.

Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.

Source: PR Newswire.

OpenYield Secures Funding to Transform the Bond Market

OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.

This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.

Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.

Source: PR Newswire.

Key Takeaways: Shaping the Future of Fintech

Today’s developments underscore several critical themes in the fintech landscape:

Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.

The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.

Fintech

Fintech Pulse: Industry Updates, Innovations, and Strategic Moves

Published

3 days ago

November 20, 2024

Peter Tolan

fintech-pulse:-industry-updates,-innovations,-and-strategic-moves

As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.

Finastra Data Breach: A Wake-Up Call for Fintech Security

Source: KrebsOnSecurity

The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.

Implications and Challenges

While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.

The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.

Future Considerations

This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.

PayPal Resurrects Money Pooling Feature

Source: TechCrunch

In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.

Strategic Revival

This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.

Broader Industry Impacts

Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.

While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.

Santander Expands Fintech Reach in Mexico

Source: Yahoo Finance

Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.

Strategic Significance

Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.

Challenges on the Horizon

While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.

2024 Global Fintech Awards: Spotlighting Excellence

Source: PRNewswire

Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.

Recognizing Industry Leaders

Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.

What It Means for the Ecosystem

The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.

Commonwealth Central Credit Union Partners with Jack Henry

Source: FinTech Futures

Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.

Modernizing Member Experiences

Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.

A Growing Trend

This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.

Key Takeaways for the Fintech Industry

Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.

The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.

Fintech

Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech

Published

4 days ago

November 19, 2024

Peter Tolan

fintech-pulse:-milestones,-partnerships,-and-transformations-in-fintech

The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.

Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone

Source: Revolut

Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.

Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.

This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.

PayTech Awards 2025: Celebrating Excellence in Innovation

Source: FinTech Futures

The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.

This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.

As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.

U.S. Politics and the Fintech Sector: A New Era of Funding?

Source: American Banker

The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.

While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.

A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.

Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy

Source: FF News

Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.

The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.

This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.

Autire: Accounting Tech of the Year at US FinTech Awards

Source: Business Wire

Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.

Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.

The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.

Final Thoughts: A Fintech Revolution in Full Swing

From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.

The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.

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