PERTH (miningweekly.com) – The shareholders of ASX-listed Antares Energy on Wednesday threw their support behind the company’s board, subverting a call from shareholder Lone Star Value Management to replace the current board.
In May, Lone Star, which owns a 6% shareholding in the ASX-listed Antares, notified the company that it was seeking to remove two of the existing directors, and to appoint five new directors.
In a general meeting called for Wednesday, Antares shareholders rejected the appointment of all five Lone Star nominees.
“Antares shareholders have sent a clear message to Lone Star that they will not concede control of their company without a formal bid that offers shareholders an attractive premium,” said chairperson James Cruickshank.
He noted that the shareholder vote was an "emphatic rejection" of the approach adopted by Lone Star, as well as all the proposed board nominees, and equally a resounding endorsement of the current Antares board.
Earlier this month, Antares launched legal action against Lone Star, saying the shareholder was spreading false and misleading information. The ASX-listed oil and gas explorer said that Lone Star had made a number of false and misleading statements in its communications to Antares shareholders, prompting Antares to launch a defamation case against the company’s representatives.
“We call on Lone Star to respect today’s decision of the shareholder base. If their intention is to remain as shareholders, they should engage constructively with the board in an appropriate manner, or alternatively, if they seek control of the company, they should make a formal bid to all shareholders at a premium,” Cruickshank said.
Antares has recently received a confidential, unsolicited and indicative takeover offer from an unnamed party.