GREENWICH, CONNECTICUT–(Marketwired – Jan. 26, 2014) – Today, FrontFour Capital Group LLC (“FrontFour”) announced the withdrawal of its special meeting requisition. Despite having approximately 30% of the outstanding shares of Renegade Petroleum Ltd. (“Renegade” or “the Company”) voted on its dissident green proxy, FrontFour is aware of two key institutional holders that have voted on management’s white proxy. These two votes combined with weak overall vote submission make it mathematically impossible for minority shareholders to effect change at Renegade.
Shareholders have reported that the Chairman believes he can potentially announce a sale of the company in the near future. FrontFour is supportive of Mr. Budd’s efforts to sell the company at a fair value and on otherwise fair terms, and believes that current commodity prices and the weakening Canadian dollar should both provide tailwinds to help achieve this goal.
FrontFour gives thanks to all of the shareholders who have pushed for change and improving governance at Renegade. These concerned shareholders should take consolation in the fact that the Company has made many changes since the September annual meeting, a clear acknowledgement of the Company’s poor governance standards and performance. FrontFour believes that it is in the best interest of all shareholders to immediately terminate the solicitation process to avoid additional expense and distraction.
Founded in 2006, FrontFour is an investment management company with offices in Greenwich, Connecticut and Toronto, Ontario.
The TSX Venture Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release. This news release is not a solicitation of a proxy.
FrontFour Capital Group LLC