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Crescent Point Energy Releases Letter to Shareholders; Warns Cation Will Derail Momentum and Put Shareholders’ Investments at Risk

Nachrichtenquelle: Marketwired
13.04.2018, 01:11  |  1436   |   |   

CALGARY, Alberta, April 12, 2018 (GLOBE NEWSWIRE) -- Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX:CPG) (NYSE:CPG) announced today that it has filed a letter to shareholders addressing Cation Capital Inc.’s (“Cation”) nomination of four individuals to stand for election to Crescent Point’s Board of Directors (the “Board”) at its 2018 Annual General Meeting.

The Board strongly recommends that shareholders vote on the WHITE proxy or Voting Instruction Form for all management nominees. If you have already voted the WHITE proxy, no need to vote again. Do not vote the Blue proxy or Voting Instruction Form sent to you by Cation. Throw it out.

The last day to vote is Wednesday, May 2 at 10:00 a.m. (MDT). If you have questions or need help voting, contact Kingsdale Advisors at 1-888-518-6559 or contactus@kingsdaleadvisors.com. There is a team standing by to help.


Dear Fellow Shareholder,

You know it and your Crescent Point Board knows it: These are difficult times for shareholders of Canadian oil and gas producers.

We all wish things were different. But they’re not.

It’s easy for outsiders to complain about the environment we find ourselves in and use hindsight to criticize past decisions made, but hard to come up with a plan to address it. We have a plan and a team with the discipline and patience to see it through.

That is the choice before you.

A plan that is working—from a refreshed board you can trust—or disruption with Cation’s self-serving agenda.

You probably don’t know who Cation is. That’s because it didn’t exist two weeks ago.

Cation was formed only four days before it suddenly showed up on our doorstep, hours before the deadline for providing notice of nominees under our advance notice by-law expired and demanded four seats, or 40 percent of your board. The nominees are not additive and do not enhance your board. Cation has no plan, no track record, no prior engagement with us, no shareholder support and a low investment, especially compared to their demands. Its proposition is that after 12-18 months on the Board, the nominees may figure something out.

Cation is the brainchild of Sandy Edmonstone and is a shell company set up with one purpose: To run a costly and time consuming proxy fight against your Company so he can get a quick pop in his personal portfolio. 

You might recognize Sandy’s name. He has a checkered track record which is probably why he has assumed the Cation alias. A “positively charged ion” led by a man associated with negativity. 

This is Sandy’s latest attempt to set himself up with a new business after recently parting ways in his latest position as an investment banker, by creating a quick win at your expense. He went out and purchased shares in an attempt to legitimize his new business and make himself the newly minted “activist” in town. Unlike credible activists, he has conducted himself in a manner that reveals his short-term, hidden agenda.

Unfortunately for Sandy, his ambush was not met with the reaction he had hoped for. Shareholders are seeing through this manipulation. There are no magic tricks here.

In contrast, your current refreshed 10-person Board, with seven new independent directors since 2014, has been formed through a robust and diligent recruiting and governance review process tailored to continue with the disciplined execution of the real plan that is underway and set to deliver results in the face of tumultuous times. 

In fact, the most recent three nominees that we have added to our Board have brought expertise in capital markets, capital allocation and asset portfolio management – the exact skills Sandy says we need. As our new nominees have only joined within the last 0-15 months we look forward to continuing to see this expertise translate into results for our shareholders.

Your vote matters and will decide the fate of your investment. No matter how many shares you own and even if you have never voted before, voting your WHITE proxy for your current Board is fast and easy. Without exercising your vote, you will lose the momentum your investment is making.


The fact is we are at a critical point in the implementation of our plan. The changes we have made need two ingredients to be reflected in our share price: time and a board of directors with the commitment and experience needed to see it through. 

Sandy offers neither of these. He’s asking you to throw your Company into chaos and trust him and his nominees to sort it out. If the solution was so clear, why do the nominees need 18 months to figure it out? Sandy bought low, suffered nothing and only has his personal agenda in mind.

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