Crescent Point Energy urges shareholders to vote for company nominees
Crescent Point Energy issues the following statement to address Cation Capital's nomination of four candidates to stand for election to Crescent Point's Board of Directors at its 2018 Annual General Meeting. The company said, "Crescent Point respects and values constructive input from our shareholders and is committed to considering all of their views, but Cation seems intent on disrupting the company's progress with a self-interested effort to achieve short-term benefits. Cation, which was only recently incorporated on March 29, 2018, with its sole director being Sandy Edmonstone, delayed providing notice to the Board of its four nominees until the day before the deadline for nominating directors expired under the company's advance notice by-law. A last-minute demand for four nominee directors from an entity which, with its nominees, holds only 0.3% of the outstanding common shares and appears to have been created for the sole purpose of creating conflict and havoc, is unreasonable and reckless. If Cation was serious about participating in our ongoing board refreshment process, we would have seen these names sooner and had the opportunity to review them, as we do with all candidates to the Board. That said, Crescent Point has a robust engagement program that upholds the company's commitment to clear and transparent communication with all shareholders. As such, in the spirit of constructive engagement, a committee of independent directors has been established. The Committee's chair took the time to meet with Cation with very little notice, at the date and time demanded. Unfortunately, at said meeting, we were disappointed in the content of the discussion as Cation failed to present an action plan or ideas of any substance for value creation for the company or its shareholders. Furthermore, Cation did not articulate any specific shareholder support to validate its request. We, therefore, believe Cation lacks credibility and is engaged in an ill-conceived and self-serving exercise. It would be irresponsible of the Board to abruptly cater to unreasonable demands that are not in line with good governance practices...The Board will not be deterred by the distractions of a short-term, self-interested activist and remains focused on the continued successful implementation of its strategic plan. We urge shareholders of all sizes to cast their vote on the WHITE proxy card and continue to support the nominees put forth by the company, which has taken the deliberate and thoughtful actions to protect your investment."