Agoracom: Small Cap Investment - Fancamp Exploration - Control of FNC - It looks like BoD is controlled by the Chairman

Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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goldhunter11

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Control of FNC - It looks like BoD is controlled by the Chairman

posted on Nov 22, 2012 12:10PM

Folks

Latest update, as of 22 Nov 2012) based on recent information/posts. From the NR of 9 May 2012, Ankcorn was CHM nominee plus a second one to be elected at the "next" AGM meeting (Veniza?). Also, as Smith's nominee to sit on CHM BoD, Lafleur would most likely be in the same camp with Smith.

This is just like Putin's control of Russia by changing the title from Prime Minister to President. Perhaps we should expect "steady as she goes" just like before, and don't hold our breath for any significant change in direction, unless the Chairman/VP Exploration becomes a change person.

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As a handy reference, I modified the previous list based on the input from other posters just to see our current situation with the % of ownership from various parties and composition of the BoD. Please note that this is not an official list, and the information has not been verified. The % was based on OS of 109M. Feel free to fill in the blanks, supply the answer to the "?", and correct any erroneous info or math errors.

Institutionals

18.0%, Marquest Asset ... 19.6 M (did they send in anyone to sit at the BOD table?)

16.5%, Champion Iron ...18.0 M

13.4%, Pathway ...14.6 M (other posts say that Pathway holding is included in Marquest, does that mean Marquest + Pathway = 18% total? This is an important question, hence the info should be linked to a verifiable source).

7.1%, Pinetree Capital ... 7.7 M

Retails

No comprehensive data, but from recent posts by Rago and others, here are some

(a) 5.5%, Sheridan ...6.0M (Ref: Rago)

(b) 2.3%, Rago...2.5M (Ref: Rogo)

(d) 7.7%, Investors, mainly in Europe...8.4M (Ref: TeleProbe)

---- Retails subtotal, from (a) to (d) = 20.1% of OS (a respectable sum)

(e) Fani's collection...must be in the millions?

(f) Anyone else with a sizable chunk?

Board Directors

(Outstanding questions: who is/are CHM appointee(s), independent directors?)

2.4%, Smith (Peter H).2.6M Chairman & VP Exploration, 1986

0.47%, Sayer (Michael)509.0 K, 1996

0.26%, Lafleur (Jean)284.0 K President & CEO, 19 Jan 2012,(was FNC/Smith nominee to CHM BoD, so Lafleur is presumably in the Chairman's camp?)

0.2%, Dubuc (Gilles G)226.7 K 1998

0.13%, Chapman (Debra)150.0 K CFO, was Corp. Sec.?, 1991

0.1%, Kamaleddine (Fouad)122.0 K VP R&D, 2009

0.0%? Ankcorn, 17 May 2012 (CHM appointee)

0.0%? Veniza, Corp. Sec., elected at AGM?

Note: CHM is supposed to have 2 nominees on FNC BOB, so who is the second one beside Ankcorn, Veniza???? From the NR od 9 May 2012.

"Champion will be entitled to nominate two persons to the Board of Directors of Fancamp, the first by appointment upon closing of the Private Placement and the second to be nominated for election at the next annual meeting of shareholders of Fancamp" Ref. in link below.

http://www.marketwire.com/press-release/champion-fancamp-enter-into-letter-intent-champions-acquisition-fancamps-joint-venture-tsx-chm-1654694.htm

As the current BOD sits, we could have 6 votes against 2 if the Chairman and CEO have different visions for the company. Any appointees from Marquest/Pathway? If we have 2 from Marquest/Pathway the situation could become to 4 versus 4. So, it would rest with an independent director for this swing vote. I find it a bit odd to have an even number of directors for the BOD, since what would happen if we have a 4 versus 4, ...the Chairman would call the shot?

As a speculation, old-timers (directors since 1996, there are 2 of them) woud be expected to support the Chairman. Not sure about Dubuc (1998), Kamaleddine (2009), and Veniza (at AGM 2012, but the newest director could be the Chairman's appointee). Other speculation, anyone?

From the latest information, it would appear that FNC BOD is fully controlled by the chairman (Lafleur is assumed to be on the side of the Chairmanin), say with 7 to 1 advantage, or at least 5 to 3.