{"id":4405,"date":"2018-04-09T10:03:52","date_gmt":"2018-04-09T14:03:52","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/?guid=4a85de0b9146b63299b3498771aee7a1"},"modified":"2018-04-09T10:03:52","modified_gmt":"2018-04-09T14:03:52","slug":"cation-capital-targets-board-seats-at-crescent-point-in-move-energy-company-calls-reckless","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2018\/04\/09\/cation-capital-targets-board-seats-at-crescent-point-in-move-energy-company-calls-reckless\/","title":{"rendered":"Cation Capital targets board seats at Crescent Point in move energy company calls reckless"},"content":{"rendered":"<p>Cation Capital, a private investment firm led by the former deputy head of global oil and gas at Macquarie Group, said on Monday it intends to nominate four candidates to Crescent Point Energy&#8217;s board at a shareholders meeting next month.<\/p>\n<p>Cation said it was &#8220;compelled to take this action given the significant destruction of shareholder value and the abject failure of the Canadian oil producer&#8217;s current leadership across all aspects.&#8221;<\/p>\n<p>The firm, which does not have a website and could not immediately be reached for additional comment, said it has been talking to a special committee of Crescent&#8217;s board, but that discussions have failed to result in &#8220;meaningful progress.&#8221;<\/p>\n<ul class=\"related_links\">\n<li><a href=\"http:\/\/business.financialpost.com\/news\/fp-street\/as-shares-languish-crescent-point-rolls-out-option-plan-for-key-executives\">As shares languish, Crescent Point rolls out option plan for key executives<\/a><\/li>\n<li><a href=\"http:\/\/business.financialpost.com\/pmn\/business-pmn\/crescent-point-buys-dominant-stake-in-albertas-east-shale-duvernay-oil-play\">Crescent Point buys \u2018dominant\u2019 stake in Alberta\u2019s East Shale Duvernay oil play<\/a><\/li>\n<\/ul>\n<p>Crescent Point, in return, said Cation&#8217;s last-minute demand was unreasonable and reckless, adding that the firm &#8220;appears to have been created for the sole purpose of creating conflict and havoc.&#8221;<\/p>\n<p>&#8220;We, therefore, believe Cation lacks credibility and is engaged in an ill-conceived and self-serving exercise,&#8221; Crescent Point said in a statement.<\/p>\n<p>Cation&#8217;s move comes as Calgary-based Crescent Point struggles to rein in costs. The oil and gas producer&#8217;s operating expenses rose 5.4 per cent in the fourth quarter ended Dec. 31, and it has been selling non-core assets to fund its capital spending program and pay down debt.<\/p>\n<p>On Monday, Cation said its director nominees hold, or exercise control of 1,478,772 common shares, representing 0.3 percent of the company&#8217;s total common shares, Reuters could not immediately determine Cation&#8217;s total stake in the company.<\/p>\n<p>&#8220;Notwithstanding poor corporate performance over recent years, remarkably executive compensation has ballooned, with an increase of 17 per cent in total compensation since 2016,&#8221; Cation&#8217;s President Sandy Edmonstone, who oversaw global energy platform operations at Macquarie, said in a letter addressed to Crescent Point&#8217;s board last week.<\/p>\n<p>Toronto-listed Crescent Point&#8217;s shares have fallen about 47 per cent in the last 12 months, compared with an 8 per cent rise in the Canadian Energy Sector Index.<\/p>\n<p><em>\u00a9 Thomson Reuters 2018<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crescent Point said Cation&#8217;s demand was unreasonable, and said the firm &#8216;appears to have been created for the sole purpose of creating conflict and havoc&#8217;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/4405"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=4405"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/4405\/revisions"}],"predecessor-version":[{"id":4406,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/4405\/revisions\/4406"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=4405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=4405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=4405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}