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Alberta Oilsands surprised by dissident proxy campaign
2013-10-29 11:22 PT - News Release
Mr. Binh Vu reports
ALBERTA OILSANDS RESPONDS TO DISSIDENT SHAREHOLDER PROXY CAMPAIGN
Alberta Oilsands Inc. shareholders are due to elect directors at the annual and special meeting on Nov. 1, 2013. Shareholders are urged to vote their proxy in favour of management's eight nominees as set out in the management information circular dated Oct. 4, 2013.
On Oct. 28, 2013, Jason Sawyer (the dissident shareholder) announced that he was soliciting votes in favour of a dissident board slate in connection with special and annual general meeting to be held on Nov. 1, 2013.
The dissident shareholder campaign is surprising given that the dissident shareholder and new board nominees own a mere 175,000 shares of AOS. The minimal amount of shares owned by the dissident group is insufficient on its face to justify any legitimate concern by the dissident group on behalf of the shareholders of AOS. AOS views this proxy attack by the dissident group as an opportunistic action to seize the company's current assets in Alberta and Africa; and AOS's near-term cash receivables relating to the company's recently cancelled Clearwater leases.
The dissident group has not made clear what its intentions are should it control AOS nor has the dissident group established a proven record managing an oil exploration company such as AOS.
AOS urges its shareholders to support the current board of directors to continue its pursuit of obtaining compensation from the Province of Alberta in connection with the cancellation of the Clearwater leases in the Fort McMurray area. A change of the board of directors at this time or a lack of continuity at the management and board level may forestall the company's opportunity to receive monetary compensation from the government of Alberta in a timely matter.
The company is currently drafting a plan for the use of proceeds from the compensation to be received from the government of Alberta in connection with the cancelled Clearwater leases. In general, the plan for use of proceeds will include the allocation of funds to the optimization of the company's oil sands assets in Alberta, the development of its oil exploration licences in Africa and any other opportunities that may arise at the time of the company's receipt of the compensation funds, which would increase shareholder value. The details of the use of proceeds will not be finalized until closer to when the company expects to receive the compensation, the timeline of which the company is currently assessing.
Proxies must be received before 10 a.m. (Calgary time) on Wednesday, Oct. 30, 2013.
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