Post by
robnhood on Jan 28, 2014 9:35am
Tanure bought 19.25% stake in oil company HRT
In just over a month, the businessman Nelson Tanure bought 19.25% stake in oil company HRT , by JG Petrochem . Now , should measure forces with another substantial shareholder of the company, the American Discovery Fund , which owns 17.7 % of shares. A meeting scheduled for March will elect a new board for the oil . The way the stakes are , it is quite likely that the board divided and continues reflecting the intense fight corporate HRT .
The increased participation of Tanure could mean the need for open dialogue between both, albeit for only one of them remains .
However , last Friday, the JG opened an arbitrage against Discovery , claiming that the fund exceeded 20 % stake in the company and , therefore , should make an offer for the whole company paying a premium , as required by statute HRT . JG wants the background to make the offer within 60 days and until that happens , requires block of its shares .
Apparently , the attempt of JG may be to prevent the Discovery vote at the meeting. And in this case , the plate indicated by the current administration , which has at least four near Tanure directors may be elected with ease .
From his side , the Discovery headed to the Securities Commission ( CVM ) an opinion of lawyers estimate that the shareholders' meeting to elect a new board to HRT may happen before March. This meeting was originally scheduled for 15 January. At a meeting in December , by decision of four members of the board , Marcio Mello , founder of HRT and three allies , this meeting was postponed and rescheduled for March just under that term was needed to meet the legislative requirements of Canada claim where HRT is also listed .
The advice provided by Discovery , found the value , states that this meeting might happen in early February without hurting the Canadian rules . Due to a possible anticipation of the meeting , including the JG Tanure have intensified buying HRT shares on the stock exchange in recent trading sessions , quickly reaching 19.25% , being already close to the limit that would force her to shoot an offer by the company whole . Since the beginning of this movement , which appeared in late December , the roles of the HRT appreciated over 60 % in the bag . The postponement of the meeting also made it possible to form a JG relevant position in the oil to the point of measuring forces with Discovery , which is a shareholder of HRT since the IPO.
Without the relevant slice of JG , the U.S. fund investors and other allies be able to elect a new board for the company , weakening the representativeness of Mello . Nobody has explained why, but Tanure apparently picked a fight with Discovery for control of HRT .
With recent oil production through the acquisition of the Polvo field , no marketable gas to about U.S. $ 200 million in cash , HRT is the subject of a dispute whose most visible reason is the control box 's left and investments , but can has more complex roots. In December , during the council meeting , Mello and three other allies advisers charged two members nominated by Discovery and another shareholder who left the company, Southeastern , they are acting in conflict of interest.
The alleged reason is the fact that they work as counselors or other companies in the industry without having revealed the fact , despite their curricula have been published before the EGM that elected them . Even so , they were removed , along with two members of the supervisory board , which ended up causing a collective resignation of six members , leaving only HRT with four counselors .
Supervisory board member away at that meeting , Marcello Joaquim Pacheco notified the CVM on the considered " irregular contact and suspect" by Roberto Light Portella , appointed to the board of directors proposed by the Company on the plate . According to a source of value , Portella attended meetings with members of the administration of HRT in December as " advisor " Nelson Tanure .
Pacheco tells the CVM that the correspondence sent by electronic means , Roberto Portella " aims to serve as a mediator or facilitator to carry out an agreement with HRT agent" to negotiate a " final settlement " . The counselor tells the regulator considers that the " irregular " and suspicious approach and that " this may involve bringing malpractice by the stock market representing unknown interests ( shareholders or members of the board ) ." The value made contact with Roberto Portella but had no response to the closing of this edition .
© 2000-2014 . All rights reserved to the Economic Value SA . Check our Terms of Use for https://www.valor.com.br/termos-de-uso . This material may not be published , rewritten , redistributed or broadcasted without the authorization of Economic Value .
Read more at:
https://www.valor.com.br/empresas/3409344/tanure-passa-de-19-na-hrt-e-mede-forcas-com-fundo#ixzz2rg1jyyOl