Shareholders of Crescent Point Energy Corp voted to elect the Canadian energy producer’s full slate of directors after a contentious battle with activist investor Cation Capital, Crescent spokeswoman Andrée Morier said on Friday.
Reuters was first to report this week that Crescent Point was set to win support for its director nominees based on a preliminary counting of votes.
The proxy fight, the biggest in the Canadian energy sector in at least about four years, was closely followed by investors and brought to the forefront new activist investor Cation. Crescent Point was Cation’s first activist engagement.
Alberta-based Cation, which owns a 0.3 percent stake in Crescent Point, began its public push for change at the company last month. Cation was founded by Sandy Edmonstone, a former deputy head of global oil and gas at Macquarie Capital.
The proxy battle was expected to be close, with ISS supporting some of the activist’s nominees and Glass Lewis supporting the company’s choices.
Cation called for changes in the board last month, citing the share value that was lost in recent years. Crescent Point’s stock, which was down 1.9 percent on Friday, has shed 67 percent in the last three years.
Calgary, Alberta-based Crescent Point argued that it had been refreshing its board and that its plan was working.
(Reporting by Julie Gordon in Calgary and John Tilak in Toronto; Editing by Richard Chang and Matthew Lewis)
Photo courtesy of Reuters/Todd Korol