News Column

Institutional Shareholder Services ISS Recommends Lone Star Value Nominees As New Directors Of Antares Energy

July 25, 2014



By a News Reporter-Staff News Editor at Energy Weekly News -- Leading independent proxy voting advisory firm Institutional Shareholder Services ("ISS") has recommended that shareholders of Antares Energy Ltd (ASX: AZZ) (AZZEF) vote in favour of the appointment of three new independent directors proposed by major shareholder, Lone Star Value Investors, LP, and also vote in favour of removing two executive directors from the Board.

In making its recommendation ISS commented that "the lack of adequate independent representation on the Antares board is concerning, and could indicate that change is warranted at board level with respect to director independence."

ISS continued "The proposal from Lone Star provides the Company with the opportunity to improve its governance profile given that if the resolutions are passed, the Antares board would become majority independent and would be composed of directors who have the skills and experience that are required in order to progress development at the Company's Permian Basin assets."

ISS' recommendation was welcomed by Jeff Eberwein of Lone Star Value which has called for shareholders to elect five new, independent directors and remove two executive directors at a General Meeting on 22 July.

"We are deeply gratified by the strong endorsement of ISS and appreciate the overwhelming support we have received from our fellow Antares shareholders to date," Mr. Eberwein said.

"We are pleased to see this recognition that Antares needs a stronger Board to lead the Company through the important decisions it faces, especially in maximizing the value of its Permian Basin assets. The experience, independence and commitment to shareholder value that our candidates will add to the Antares Board are indispensable to realizing the full potential of the Company's assets for the benefit of all shareholders."

Mr. Eberwein urged shareholders to vote in favour of all five of its independent, highly-qualified director candidates, Jeffrey Eberwein, Aaron Kennon, Eric Hyman, William Fairhurst and Michael Sharwood, as well as removing Mr. Shoemaker and Ms. McAppion from the Board.

Excerpts from ISS' Analysis & Recommendation

Keywords for this news article include: Lone Star Value Investors Lp.

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Source: Energy Weekly News


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