NEW YORK, May 15, 2014 /PRNewswire/ -- Lone Star Value Investors, LP (together with its affiliates, "Lone Star Value" or "we") owns 5.3% of the outstanding shares of Antares Energy Limited (AZZ.AX) ("Antares" or the "Company"). We are dedicated to maximizing value and improving corporate governance at Antares for the benefit of all shareholders and we welcome the opportunity of bringing these values to the Australian market.
Accordingly, we intend to call an Extraordinary General Meeting ("EGM") of Antares' members to seek the election of five new directors to the board of directors of Antares (the "Board"). We expect to send a notice of meeting to Antares shareholders in the first week of June and we expect an EGM to be held no later than July 21, 2014.
We are seeking to call this EGM because we believe that Antares' shareholders should be given the opportunity to vote to improve their Board by adding five highly-qualified, independent directors whose interests are fully aligned with those of all shareholders and whose experience is highly relevant and complimentary to serving Board members.
Our director candidates have expertise in the following areas: petroleum engineering, geology, finance, legal, capital markets, capital raising, mergers, company and asset sales, and joint ventures. We believe this expertise is needed on the Antares Board to improve corporate governance and create a strategic plan to enhance value for the benefit of ALL shareholders.
We call on the incumbent Board not to take actions adverse to the best interests of the Antares shareholders prior to the EGM, such as: issuing equity or equity-linked securities – specifically further convertible debt offerings; being uncooperative or hindering Lone Star Value in calling its EGM; agreeing to sell material assets of the Company (including any of its projects); making material acquisitions, forming joint ventures, or adding any further members to the Board prior to the EGM.
In the coming days, we intend to provide shareholders with greater detail on the qualifications, experience and track records of our nominees and Lone Star Value's plan to maximize shareholder value. We look forward to the opportunity to improve corporate governance and enhance value at Antares for the benefit of ALL shareholders.
About Lone Star Value ManagementLone Star Value is a deep-value investment firm based in Old Greenwich, CT, USA that seeks active involvement in its long-term holdings. Lone Star Value was founded by Jeffrey E. Eberwein. Prior to founding Lone Star Value, Mr. Eberwein was a private investor and served as a portfolio manager at Soros Fund Management and Viking Global Investors. Mr. Eberwein is currently Chairman of the boards of Aetrium Incorporated, Digirad Corporation, and Crossroads Systems, Inc and he serves on the board of NTS, Inc., a company located in West Texas. Mr. Eberwein previously served as a director of The Goldfield Corporation and On Track Innovations Ltd. Mr. Eberwein has significant Wall Street experience and valuable public company and financial expertise, gained from both his employment history and directorships. Mr. Eberwein is a native of Texas, has been deeply involved in the energy sector for almost 25 years, and has valuable business contacts in the energy industry and the state of Texas.
Sincerely,
Jeffrey E. Eberwein
Lone Star Value Investors, LP
Investor contacts:
Jeffrey E. Eberwein
(203) 489-9500
*To the extent this communication contains forward-looking statements, they are based on assumptions and judgments of Lone Star Value Investors, LP regarding future events and results. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any those implied by the forward-looking statements.