Lone Star loses bid to unseat Antares directors Tensions between...

Lone Star loses bid to unseat Antares directors
Tensions between Antares Energy and one of its major shareholders are unlikely to ease any time soon, with US-based fund Lone Star promising to maintain pressure on the company, despite losing a vote to sack the board.
Antares shareholders today voted to reject a proposal by Lone Star to remove two directors and appoint five of its own nominees.

Lone Star, which owns 6 per cent of the emerging oil and gas company, had demanded the vote in response to what it saw as management failures and problems with the company’s corporate governance.

But it says it will retain its holding in Antares and will continue to push for information around proposed asset sales and takeover offers.

“We are a committed investor in Antares and will seek to engage with the company to obtain information for all shareholders around the proposed asset sale and takeover offer, and will continue to push for greater transparency around corporate governance and independence on the board,” Lone Star said in a statement.
But Antares chairman and chief executive James Cruickshank called on the investment fund to either engage constructively with the board or lodge a formal takeover offer for the company.

“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,” he said.

Shares in Antares went into a trading halt last week after the company said it had received a takeover offer but Mr Cruickshank was unable to provide details of the bid to the market when the stock resumed trading on Monday.
He said the confidential offer was incomplete and discussions were continuing with the unnamed bidder.
The company has also fielded a $US300 million ($324.59 million) offer for the sale of its assets in the Permian shale in Texas.

http://news.smh.com.au/breaking-news-business/antareslone-star-feud-to-continue-20140723-3cek9.html