Notes that Crescent Point Has Adopted Key Elements of Cation’s Call for Change, Less than a Month After Vigorously Opposing It
Credits Positive Developments at Crescent Point to Shareholders who Voted for Change
CALGARY, Alberta–(BUSINESS WIRE)–#CPG–Cation Capital Inc. (“Cation Capital” or “Cation”), a private investment firm and shareholder of Crescent Point Energy Corp. (TSX/NYSE: CPG) (“Crescent Point” or the “Company”), today issued the following statement, following today’s announcement by the Company of a transformation plan and the departure of Scott Saxberg.
Sandy L. Edmonstone, President of Cation Capital, said:
“This is a clear victory for all Crescent Point shareholders. Scott Saxberg was no longer the right leader for Crescent Point, as many shareholders have expressed. We also welcome the Company’s newfound focus on capital allocation, cost reduction and returns on capital employed.
“These were the key elements of Cation’s call for change at Crescent Point, which the Company had so vigorously opposed earlier this month. We credit the significant number of shareholders that supported our campaign for motivating Crescent Point to make changes. Hopefully the Board will exercise its oversight duties for the benefit of shareholders and hold management accountable in realizing these new goals.
“Further, it would be beneficial for all shareholders to know the financial terms of Mr. Saxberg’s departure and whether he resigned or was terminated. In either, we hope that the Board first considered its duty to shareholders, who have suffered significantly under his tenure.”
About Cation Capital Inc.
Cation Capital Inc., together with its affiliates and associates, is a private investment firm headquartered in Alberta, Canada. Cation invests in situations where it is able to influence operational, financial and strategic direction. Cation seeks value in companies that are experiencing financial or operational challenges, are in out of favour sectors or are otherwise in need of change to drive significant long-term value for stakeholders.