Dissidents Discontinue Lawsuit Against Eagle Energy Inc.
CALGARY, ALBERTA--(Marketwired - Aug. 3, 2017) - Eagle Energy Inc. (TSX:EGL) announced today that dissident shareholders Kingsway Financial Services Inc. and Daniel Gundersen have discontinued their court application against Eagle.
As previously announced, the dissident shareholders commenced a court application alleging that Eagle's annual general meeting on June 27, 2017 was improperly conducted. After the application was commenced, Eagle allowed the dissidents and their advisors to conduct a second review of proxies from the annual general meeting. This second review confirmed that the meeting was conducted in a manner that was lawful, proper and fair to Eagle's shareholders, and that Eagle's incumbent directors were properly re-elected by Eagle's shareholders. Following the second review, the dissidents discontinued their court application.
"We are pleased to have this matter behind us," said Richard Clark, Chief Executive Officer of Eagle. "This result validates Eagle's conduct and diligence at our annual general meeting and, in particular, our desire to fairly address the concerns of all of our shareholders. We will continue to focus our efforts and energy on things that can add value to Eagle, including commencing our North Texas drilling program in the near future."