C:CPG Globe/CP say Crescent Point proxy battle nears end
Globe/CP say Crescent Point proxy battle nears end
Crescent Point Energy Corp (C:CPG)
Shares Issued 546,471,635
Last Close 5/3/2018 $10.38
Friday May 4 2018 - In the News
The Globe and Mail reports in its Friday, May 4, edition that Crescent Point Energy is adjusting its executive pay criteria, cutting $25-million from 2018 capital spending and announcing an asset sale to pay down debt as it faces a showdown with a dissident shareholder at its annual meeting on Friday. A Canadian Press dispatch to The Globe reports that Crescent Point posted a surprise net loss of $91-million or 17 cents a share for the three months ended March 31. That compared with a net profit of $119-million in the year-earlier period. Analysts had expected a profit of seven cents. Crescent Point has been criticized by Cation Capital, which attributes its poor share performance to unwise spending decisions and overly generous executive compensation. Cation has nominated four directors to be elected to Crescent Point's 10-director board on Friday, a move opposed by the firm. On Thursday, Crescent Point executives said they would not comment on which side is leading so far in shareholder voting. Cation spokesman Dan Gagnier says the vote is "too close to call" and added a media report from an unnamed source suggesting the dissident slate has already been defeated should not be believed.