PetroReal Advises Shareholders to Vote for BLUE Proxy
International PetroReal Oil Corporation urged shareholders to reject a dissident proxy circular filed earlier this month and to support Management's existing strategic plan for growth and long-term shareholder value creation.
In response to the dissident proxy circular, Management will mail a letter to shareholders today and will host a conference call and webcast to outline the strategic plan and address the false and misleading allegations of a group of dissident shareholders whose sole agenda is to seize control of the company for their own self-interest, without paying shareholders.
"The proxies voted to date reflect overwhelming shareholder support of Management's clear vision and strategy for creating and enhancing shareholder value. We are confident that, with the continued support of shareholders, we will secure the financing required to move that strategy forward," said Mark Hlady, President and Director. "We believe this last-minute challenge is disruptive, costly to shareholders, and needless. We look forward to a favorable resolution of this matter at our upcoming Annual and Special Meeting of Shareholders, following which we will immediately begin executing on our business plan to realize our potential for becoming a 1,700 boed organization within the next 18 months."
The letter to shareholders and a duplicate BLUE proxy will be sent to shareholders later today. International PetroReal's Annual and Special Meeting of Shareholders will be held on August 7, 2008 at the offices of Borden Ladner Gervais LLP in Calgary, Alberta. Shareholders are also encouraged to visit the Company's website for up-to-date information as it becomes available.
Highlights of Management's Response to the Dissident Shareholders
- Management has a clear vision and strategy for creating and enhancing shareholder value.
- Management is confident that, with shareholder support, it can secure the financing required to execute this strategy.
- Management and its proposed slate of directors, all of whom are Calgary-based, have more than 150 years of combined experience in all facets of the oil and gas industry.
- The dissident shareholders' main priority is to seize control of the Company for their own self-interest, without paying shareholders. No plan to grow the enterprise and increase shareholder value has been presented.
- Management believes the drop in share price over the course of 2008 is due primarily to the deliberate actions of the dissident shareholders and their supporters, who deliberately derailed attempted financings.
- The dissident group's slate of directors has little or no experience in the oil and gas industry or in Canadian capital markets. In fact, none of the proposed directors are Calgary-based, and only one is a Canadian resident.
"We encourage all shareholders to vote for the BLUE proxy, no matter how many shares you have," added Mr. Hlady. "We encourage them to vote for vision, strategy, execution and success."
- PetroReal Advises Shareholders to Vote for BLUE Proxy (Jul 28)
- PetroReal Announces Private Placement and Acquisition (Oct 15)