Crescent Point Is Said to Defeat Activist in Proxy Vote
(Bloomberg) -- Crescent Point Energy Corp.’s shareholders are expected to vote against a slate of directors put forth by activist investor Cation Capital Inc., according to people familiar with the matter.
Preliminary results show Cation was unable to secure any seats on the board of the Calgary-based oil and gas producer, said the people, who asked not to be identified because the matter is private. The official tallies are expected to be announced at the company’s annual general meeting Friday in Calgary.
“There was a large amount of share movement leading up to the deadline,” said Dan Gagnier, a spokesman for Cation. “The vote is too close to call and any representation otherwise is false.”
Cation, the new activist fund started by former investment banker Sandy Edmonstone, nominated four directors to the board of Crescent Point last month, arguing the company was underperforming and poorly managed. Crescent Point has countered that Cation lacks credibility, having formed just days before it launched its proxy fight, and doesn’t have a plan for improving the company.
A Representative for Crescent Point didn’t immediately respond to a request for comment.
Cation has said it and its partners own about 0.3 percent of Crescent Point’s shares.
Institutional Shareholder Services Inc., a prominent shareholder advisory firm, recommended shareholders vote for two of Cation’s four nominees. That put it at odds with another advisory firm, Glass Lewis & Co., which urged investors to support management’s slate of nominees.
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