In a letter delivered to Fancamp Exploration Ltd. (TSXV:FNC) shareholders, the Company announced that its board of directors recommends that shareholders vote for the management board nominees at its annual general meeting of shareholders on October 26, 2012.
As quoted in the press release:
Having reviewed the Concerned Shareholder Circular, your Board is convinced that Granger has a hidden objective. Just days before the Meeting, Granger issued his Concerned Shareholder Circular seeking control of your Company without making an offer to all shareholders or payment of a control premium. Granger is opportunistically seizing this moment to fill the board with his own nominees and turn an approximately 6.8% interest in Fancamp into effective control. Under the Granger “plan”, the dissident controls the board and the shareholders obtain no premium.
The Board considered the Concerned Shareholder Circular and after careful deliberation determined that the Concerned Shareholder Circular is based upon false allegations and misleading and slanted information and are intended to persuade you to willingly support the Concerned Shareholder under the false premise of protecting shareholder value.