This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bioniche Founder And CEO Addresses Shareholders

BELLEVILLE, ON, June 12, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today issued an open letter to all shareholders from Founder, President & CEO, Graeme McRae:

Dear Fellow Shareholders,

By now you have seen the many press releases accompanying the requisition by Bill Wells and Greg Gubitz for a shareholders' meeting to make changes to the Board of Directors (Board) of Bioniche.  I am writing to shareholders to set out the rationale for our Board's response to Messrs. Wells and Gubitz.

Wells and Gubitz, through an intermediary, approached our Chairman Jim Rae in August, 2012 on an unsolicited basis with a proposal to acquire a controlling interest in our Animal Health business.  They were backed by a major U.S. private equity firm and laid out a plan to use our Animal Health business as a consolidation vehicle, touting their success at Biovail as something that could be duplicated with Bioniche Animal Health.  They assured us that they would never proceed on a hostile basis.

In the interest of maximizing shareholder value, we were open to discussions with them, signed a non-disclosure and standstill agreement, and shared strategic and highly confidential information.  In the end, we believed that the deal terms proposed were not in the best interests of all shareholders.  Having had access to confidential information from which they learned the true value and potential of Bioniche, we were shocked to see that they acquired a stake in the Company from which to try and control the Board, contrary to their assurances to us.  More importantly, their public attacks are now jeopardizing some very important initiatives underway to maximize the Company's potential for the benefit of all shareholders.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs