Fintech
The Concerned Shareholders of Fancamp Provide Comment on Champion Agreement and Misleading Press Release Dated July 9, 2021
Montreal, Quebec–(Newsfile Corp. – July 12, 2021) – Incumbent director of Fancamp Exploration Ltd. (“Fancamp” or the “Company“), 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’s issued and outstanding common shares, has the following comments about the royalty purchase agreement with Champion Iron Mines Limited (“Champion“) (the “Agreement“) announced in a press release by Fancamp dated July 8, 2021.
The Agreement with Champion is just another example of the contempt that Mark Billings, Ashwath Mehra, Paul Ankcorn, Rajesh Sharma and Debra Chapman (collectively the “Entrenched Board and Management“) have for shareholders, the oversight of the TSX Venture Exchange (the “Exchange“) and good corporate governance practices.
Like the ScoZinc Mining Ltd. transaction (the “ScoZinc Transaction“), the Agreement represents just another flagrant example of the Entrenched Board and Management’s complete disregard for proper corporate governance practises and their combined fiduciary obligations to Fancamp’s current shareholders. The Exchange prohibited Fancamp from closing the ScoZinc Transaction until the 2020 annual general meetings (“AGM“) is held. Showing utter disregard for Fancamp shareholders, they have postponed the AGM only to announce this Agreement with Champion. This Agreement requires Exchange approval, but Fancamp does not say whether the approval will be sought before the AGM or afterward. To be consistent with the Exchange’s mandate that Fancamp must hold its long overdue AGM to provide shareholders with a right to choose whether they wish to have a board of directors that will either force through, or refuse to proceed with the highly dilutive ScoZinc Transaction, approval of this proposed fire sale of Fancamp’s valuable assets should also be conditional on prior completion of the AGM.
The glaring truth is that the Entrenched Board and Management are not in any position to contemplate any business transaction in the face of the current proxy fight in which they are desperately trying any tactic they can think of the attempt to maintain their entrenched positions. This self-serving group continues to persistently and maliciously delay the 2020 AGM specifically to deny shareholders their right to determine the composition of the Fancamp board of directors and to further enrich themselves at the expense of the Company. It has now been over 20 months since Fancamp’s last AGM and the Company is clearly and grossly in default of the Exchange’s policy with respect to shareholder meetings. Furthermore, considering the ongoing, very public proxy contest for control of Fancamp’s board, it is inconceivable that the Entrenched Board and Management would think that they have any right to enter into further transactions involving valuable assets of the Company until after the long-overdue AGM has been held. The fact that the Agreement is a related party transaction is further cause for concern.
The issue is not whether the Agreement is a good deal for Fancamp or not. Rather, the question is: do shareholders trust the Entrenched Board and Management to make decisions that are in the best interest of the Company? The Concerned Shareholders believe that the answer to that question is a loud and resounding NO! The AGM is well past due. It is time that the Entrenched Board and Management be accountable to all shareholders. Shareholders must be given the opportunity to elect a board of directors of their choosing before the Company enters into any further conflicted, value destroying transactions. All parties involved including the regulatory authorities must make every effort to ensure that the AGM is held as soon as possible without any further delays.
If, in fact, the Fancamp Entrenched Board and Management, had the overwhelming support of shareholders, as claimed in Fancamp’s July 9, 2021 press release, they would have proceeded with the AGM on June 29, 2001 as scheduled. The Company has now announced this Agreement with Champion, which in all likelihood comes with Champion having to vote their shares in support of the Entrenched Board and Management. The truth is the Entrenched Board and Management obviously do not have enough votes to win a fair and properly conducted AGM. They postponed the meeting to buy time as they figure out other ways to disenfranchise shareholders for their benefit. In a drastic attempt to entrench themselves further, the Entrenched Board and Management are willing to, in an attempt to buy votes, trade assets at highly discounted valuations and offer various inducements to large shareholders to change their vote. It’s unfortunate the Entrenched Board and Management do not feel they have to abide by any rules and that they are free to do whatever they want, whenever they want.
This has got to stop and the rhetoric about Dr. Smith “taking money from the Company” or that “Dr. Smith has not disclosed what amount of money he will seek to be reimbursed” is just more smoke and mirrors. As stated in our press release dated June 21, 2021, we highlighted that under corporate law, if a dissident wins a proxy fight, they can be reimbursed for their reasonable expense from the company”. They whine about poor disclosure and yet on their part there is no disclosure about excessive executive compensation, unnecessary costs of the so-called special committee and the vast sums of Company funds that have been misappropriated to four law firms, Kingsdale Advisors and KPMG specifically to prevent themselves getting kicked out of their entrenched positions. Clearly the old adage of “what is good for the goose, is good for the gander” is not applicable to them.
Furthermore, the Concerned Shareholders have grown weary of the attempts of the Entrenched Board and Management to attempt to characterize the shares that Dr. Smith holds in the capital of Fancamp’s subsidiary, The Magpie Mines Inc. (“Magpie“) as self-dealing. In December, 2007, in connection with Magpie’s incorporation, the three directors of Magpie, including Dr. Smith, were each granted 10,000 special shares by the board of directors at a price of $0.25 per share as stock-based consideration in connection with their role as directors, not unlike 2,000,000 stock options that the Entrenched Board and Management granted them selves shortly before the record date for the AGM. As with any other share-based compensation, these grants were made based on advice from legal counsel and disclosed in Magpie’s audited annual financial statements for the 2007 financial year. Perhaps now the Entrenched Board and Management will find something more interesting to complain about.
The easiest, quickest, most ethical and legal way to prevent this continued, massive hemorrhage of Company funds is to hold the long-overdue AGM. Fancamp cannot not move forward until the festering issue of accountability of the board to shareholders is settled.
Shareholders are urged to stop the Entrenched Board and Management from further entrenching themselves and destroying shareholder value, by continuing to vote the GREEN form of proxy. The Concerned Shareholders would like to thank the true owners of Fancamp for their tremendous support to date. This support comes from independent shareholders that want the Company to know that they are not fooled but are instead increasingly frustrated and totally disgusted by the unethical, corrupt and frantic entrenchment tactics employed for personal benefits over the interests of the Company.
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 annual general 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/89979
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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