Globe -Activist Interest
Globe says Crescent Pt denies activist investor rumour
2017-02-24 07:43 ET - In the News
The Globe and Mail reports in its Friday edition that if Crescent Point Energy is being targeted by an activist investor seeking a shakeup, the company has yet to receive contact, said chief executive officer Scott Saxberg on Thursday. The Globe's Jeffrey Jones writes that Mr. Saxberg, addressing speculation that fuelled a jump in the stock last week, concedes that the oil producer must do a better job communicating developments and is redoubling efforts to reach out to shareholders. However, he said Crescent Point has never been approached by an investor seeking a restructuring. Mr. Saxberg said: "In our entire history, we've never had or been approached by an activist. That's all I can really say to that. We're pretty focused on doing the things that we can control as a company." Last Friday, the stock jumped on a thinly sourced report that a U.S. activist investor was amassing a position, though none has come forward to confirm it, and no regulatory filings have yet been made that would show one has bought a large interest. Prior to that, the shares had lagged the performance of the Toronto Stock Exchange s energy group. The company has been the target of criticism for frequent equity issues.