CALGARY, ALBERTA–(Marketwired – Dec. 12, 2013) – Renegade Petroleum Ltd. (“Renegade” or the “Company”) (TSX VENTURE:RPL) filed its management information circular today for its special meeting to be held on Tuesday, January 28, 2014.
The meeting will consider a demand by FrontFour Capital Group LLC and a related shareholder, collective holders of 5% of the common shares, to replace recently elected directors entirely with its own nominees.
The circular lays out the choice that Renegade shareholders will have at the meeting, between:
- moving forward with the prudent and focused execution of the strategic review process, while a diligent and strong technical team stewards the assets under the watchful eye of our experienced oil and gas board members; and
- allowing an opportunistic hedge fund to gain full control of Renegade without paying a control premium and without providing any constructive plans for the future.
Urging shareholders to vote their WHITE proxies against FrontFour, in a letter to shareholders Mr. Thomas Budd, Chairman of the Board, notes that, with “NO plan, NO rationale and NO control premium offered to Renegade shareholders during this critical stage in Renegade’s existence, FrontFour’s proposed changes to the Board are NOT in the best interests of Renegade and its shareholders.“
Further information about FrontFour’s proposal and the matters to be considered at the January 28th meeting can be found in Renegade’s management information circular dated December 12, 2013. The circular will be mailed to shareholders of record as of December 9, 2013, and a copy of the circular will be available under Renegade’s profile on SEDAR at www.sedar.com and on Renegade’s website at www.renegadepetroleum.com.
ATTENTION RENEGADE SHAREHOLDERS
Vote your WHITE proxy by mail or fax in order for it to be received by the deadline. Proxies must be received no later than Friday, January 24, 2014 at 11:00 a.m. (Calgary time). Please ensure that you sign and date the WHITE proxy.
For questions on voting your WHITE proxy, please call:
| Kingsdale Shareholder Services Inc. | |
| Telephone Toll Free: | 1.866.581.1514 |
| Toll Free Fax: | 1.866.545.5580 |
| Outside North America Call Collect: | 1.416.867.2272 |
| Email: | contactus@kingsdaleshareholder.com |
CORPORATE INFORMATION
Renegade is a light oil focused development and production company with assets located in Saskatchewan, Alberta, Manitoba and North Dakota. Renegade’s common shares trade on the TSX Venture Exchange under the symbol RPL.
FORWARD-LOOKING STATEMENTS
Statements in this document may contain forward-looking statements or information within the meaning of applicable securities laws. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. In addition, forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(Full text of Mr. Thomas Budd’s letter follows)
December 12, 2013
Dear Renegade Shareholders,
The upcoming special meeting of shareholders of Renegade Petroleum Ltd. is important. You are being asked to make a major decision that will have a significant impact on the future of your company and your investment. You are asked to decide between:
- forging ahead with the prudent and focused execution of the strategic review process, while a diligent and strong technical team stewards the assets under the watchful eye of our experienced oil and gas board members; or
- allowing an opportunistic hedge fund to gain full control of Renegade without paying a control premium and without providing any constructive plans for the future.
We are on the Right Path
The special meeting of shareholders will be held in the Turner Valley Room of the Fairmont Palliser Hotel located at 133 – 9th Avenue S.W., Calgary, Alberta on Tuesday, January 28, 2014 at 11:00 a.m. (Calgary time). At the Meeting, WE URGE YOU TO JUST SAY NO to allowing an opportunistic hedge fund to divert our path by gaining full control of your company without paying a control premium or having any plans for your company’s future.
Renegade is now on the right path. The execution of the strategic review process, while concurrently focusing on our core assets is the right path for Renegade and provides the best opportunity for our shareholders to see the value of Renegade enhanced.
Your Board is working to enhance value for ALL Renegade shareholders
Renegade’s fully independent board of directors is working hard to enhance shareholder value by sustaining a high netback light oil asset portfolio, while concurrently undertaking a strategic review process through the Special Committee of the Board. The strategic review continues to involve investigating alternatives, including potential value enhancing transactions, while at the same time conductinga