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by Mike Caswell
Peter Smith, the former president of Fancamp Exploration Ltd. and head of a dissident slate, has asked the Supreme Court of British Columbia to appoint an independent chair for the company's upcoming annual general meeting. He says that there is such a history of acrimony between him and management that the AGM requires an impartial head. He is also asking that the courts restrain the company from collecting votes through an automated system.
The requests from Mr. Smith come amidst a dispute that has been brewing at Fancamp since Mr. Smith resigned as president on Aug. 13, 2020. At the time, his departure appeared amicable enough, with the company thanking him for his "dedication, vision and leadership over the years." Mr. Smith had been Fancamp's president for most of the prior 35 years. He remains a director.
Beneath the pleasantries, however, there was a rift between Mr. Smith and the company's other board members. Mr. Smith's version of that dispute is set out in a petition that he filed at the Vancouver courthouse on June 16, 2021. He says that the company's board had become unhappy with him over financial transactions that were not authorized. He sold shares that Fancamp held in another company, Champion Iron Ore Ltd., planning to use the proceeds to pay for exploration, but the board had not approved the sale.
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he sold 110,000 shares without approval. He describes this as a minor infraction?
Don't know much about how stock companies work but in the real world this is probably a criminal offense.