CALGARY — Crescent Point Energy Corp. says an activist investor seeking changes on the company’s board lacks credibility and is engaged in an ill-conceived and self-serving exercise.
The company says Cation Capital Inc. seems intent on disrupting the company’s recent progress.
Cation, which holds a 0.3 per cent stake in Crescent point, plans to nominate four people for election to the company’s board which has 10 members.
The activist investor says Crescent Point’s assets have tremendous long-term potential, but is critical of the current board.
Shares of Crescent Point have been hammered in recent years and are worth less than a quarter of what they traded for in 2014. However, the company says it has the right board in place to achieve the objectives set out in its five-year plan in the face of this challenging, volatile market.
The company’s annual meeting is set for May 4.
Companies in this story: (TSX:CPG)
The Canadian Press