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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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jurek

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Re: Update/West Face Capital

in response to Update by jurek

posted on Feb 12, 12 10:59PM (Log in to use the IP Check tool) ^[?]

Sorry for double post.

Small correction:

...CLL share price shows strong support at ~95 cents...

Another interesting development:

Last week West Face Capital was granted (by Alberta Security Commission) a permission to communicate and seek a support from up to 15 Connacher shareholders.

As per ASC, West Face is allowed (on the next shareholders meeting) to present the resolutions including a new composition of the CLL board of directors.

The question is: will they get a support of majority shareholders to advance their agenda. They own about 10.6% of the shares (they claim a support of 11.7% shareholders). Total institutional is only 22%.

Another question is: what's on their agenda?

WFC owns big stake in Connacher debt which pays them 8.5 % interest. IMO they will not rush CLL small Board of Directors (5 persons - only 2 independent) to sell the company while they enjoy high interest payments. As oppose to individual investor status quo is a win win situation for WFC.

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