| Lone Star Value Questions Antares Board Over Asset Sales In Advance Of A Board Election | |
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NEW YORK, June 13, 2014 /PRNewswire/ -- Lone Star Value Investors, LP, a significant shareholder of Antares Energy Limited (AZZ.AX) (AZZEF), is seeking the removal of two of the current executive directors of Antares and the election of five new independent and highly-qualified directors to the Board at a meeting of the shareholders to be held on 22 July. "We see an enormous opportunity to enhance value for all Antares shareholders and the first step to unlocking this value is enhancing Antares' Board of Directors with the independence and skills needed to get the job done. However, in the meantime, the current Board should refrain from any and all material decisions until the General Meeting is held" said Lone Star Value founder and one of the candidate directors to the Antares Board of Directors, Jeff Eberwein. Lone Star Value criticised Antares CEO James Cruickshank for failing to adhere to ASX best practices guidelines following his recent comments in an interview in the press and at a sparsely attended annual general meeting revealing that the Company may be in talks with an interested party for the sale of its Southern Star asset and that it may be considering options for joint ventures for Northern Star and Big Star. Lone Star Value believes this improper disclosure is yet another indication that Antares' Board oversight needs to be strengthened. Lone Star Value has called on Antares to provide details about the potential sale to ASX. "While we are pleased that Mr. Cruickshank agrees with us on the benefits of monetising and developing the Permian Basin assets with more established partners, we do not think a Board dominated by the CEO and his employees should be allowed to lead this process," Mr Eberwein said. "Consistent with its past practices, Antares has provided only scattered information about its potential strategic opportunities in the Permian, far short of fulsome disclosure shareholders should expect (or ASX best practices advocate). We fear Mr. Cruickshank and his fellow directors are attempting to keep their positions on the Board by making vague promises to shareholders that value-realisation is just around the corner. |
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Antares Energy Ltd
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CODE : AZZEF |
ISIN : AU000000AZZ7 |
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Antares Energy est une société de production minière et de pétrole basée en Australie. Antares Energy détient divers projets d'exploration en USA. Ses principaux projets en exploration sont OYSTER CREEK, WEST WHARTON et YELLOW ROSE en USA. |