A dissident shareholder group led by
West Face Capital Inc. is calling for changes at
Gran Tierra Energy Inc. (
TSX: T.GTE,
Stock Forum), including the introduction of “a clean slate of directors.’’
“A fundamental change of course is required for Gran Tierra, not half measures by the existing board,’’ West Face said a letter to shareholders that calls for
a new board, new CEO and refocused strategy.
Gran Tierra is a Calgary-based oil and gas exploration company with interests in producing and prospective properties in Colombia, Peru and Brazil.
Investors reacted to the dissident letter by sending Gran Tierra shares up 4.1% to $4.52 on Thursday, leaving a market cap of $1.2 billion, based on 276.1 million shares outstanding. The 52-week range is $8.69 and $2.58.
West Face has served notice of its intention to nominate six candidates to stand for election to the Gran Tierra board at the company’s 2015 annual shareholders meeting.
On Wednesday, Gran Tierra issued a statement, defending its strategy. It said the Gran Tierra board will consider West Face’s nominations in due course, will continue to look for other qualified nominees and will present details regarding the board’s recommended slate of director nominees in a proxy statement and other materials.
It said the date for the 2015 annual meeting has yet to be announced.