Canadian energy producer CrescentPoint Energy Corp is poised to win support for itsdirector nominees based on preliminary counting of votes,shrugging off opposition from activist investor Cation Capital,sources familiar with the matter told Reuters on Wednesday.
Final results are expected to be announced on or beforeFriday. The proxy fight for Crescent Point is the biggest for theCanadian energy sector in at least about four years and theoutcome is closely watched by energy investors, who are nursinglosses after the slide in oil prices weighed on stocks. Crescent Point, whose stock has underperformed the broadermarket in recent years, is under pressure from Cation Capital tochange its board. With ISS supporting some of the activist's nominees andGlass Lewis supporting the company's choices, investors expecteda close vote on Wednesday. A Crescent Point spokeswoman, Andree Morier, said thecompany has not received the final results but is pleased withthe shareholder support for its refreshed board. Cation Capital could not immediately be reached for comment. The sources declined to be identified as the information isnot public. Crescent Point shares were up 1.8 percent at C$11.38 onWednesday afternoon, while the benchmark Canada share index was up 0.3 percent. (Reporting by John TilakEditing by Denny Thomas and Matthew Lewis)