Board of Directors - Stockwatch Energy comments Timely commentary on our little PPR meeting today.
Here in Canada, Prairie Provident Resources Inc. (PPR) -- a promotion of Tony Berthelet, who happens to have a connection to the above Gran Tierra, where he was chief operating officer until last year -- added 1.5 cents to 21.5 cents on 876,600 shares. It lost one cent yesterday after announcing the sudden departure of two directors. Derek Petrie and Rob Wonnacott had served on the board since 2011 and 2016, respectively. Now Prairie Provident says they have "decided to retire." The decision clearly came up suddenly, as both men were listed as nominees in the circular for the annual shareholder meeting, which is taking place tomorrow morning.
The timing is perhaps no coincidence. Two weeks ago, TransGlobe Energy Corp. (TGL: $5.76) announced that one of its directors, Ross Clarkson, abruptly decided not to stand for election at the annual meeting on May11, reflecting "preliminary voting results of the shareholders." Prairie Provident did not say whether Mr. Petrie and Mr. Wonnacott were similarly worried about their election prospects. This year has brought an unusually high amount of directors who have only barely kept their seats at energy companies. Examples include Don Gray of Peyto Exploration & Development Corp. (PEY: $15.24) (who got just 61-per-cent voting support two weeks ago, down from 95 per cent last year) and Ted Goldthorpe of Crescent Point Energy Corp. (CPG: $10.80) (who squeaked in with 54 per cent last week, down from 82 per cent last year).
At last year's meeting, Mr. Petrie secured 92-per-cent voting support, but Mr. Wonnacott trailed far behind at 63 per cent. Apparently neither of them wanted to take their chances this year. Prairie Provident looked to save face by claiming to feel a sudden urge to "refresh" its board in order to "ensure an optimal mix of competencies and perspectives." It said it would provide more details, and presumably announce more directors, next quarter.