“An opportunistic action to seize the Company's current assets in Alberta and Africa; and AOS' near-term cash receivables,” is how the board of Alberta Oilsands describes
a dissident shareholder group fronted by one Justin Sawyer in the lead-up to the company AGM scheduled for November 1.
Alberta Oilsands (TSX:V.AOS
, Stock Forum
) is experiencing a certain amount of spotlight of late, after being told their Fort McMurray interests would be cancelled by local government
to aid that city’s growth plans.
V.AOS will be compensated for their loss, as well as money spent developing the land for exploration – cash the company can use right now, and a move that has seen stock prices shift upwards in expectation of the payday to come.
But the dissident group say they have no confidence
“in the ability of the current directors” (who were themselves installed by a dissident group previously) “of the Company to effectively carry on the Company's affairs, or to communicate the current value proposition to the market, as illustrated by the Company's low market capitalization as compared with its current holdings and potential near-term cash receivables.”
“The Dissident Shareholder campaign is surprising given that the Dissident Shareholder and new board nominees […] own a mere 175,000 shares of AOS,” said a news release from the company Tuesday, but the dissidents claim they hold proxies for over 40 million of the 211 million outstanding shares in the company.
“The minimal amount of shares owned by the Dissident Group is insufficient on its face to justify any legitimate concern by the Dissident Group on behalf of the shareholders of AOS,” Alberta Oilsands says, adding a claim that the dissidents haven’t made clear what their intentions are, should they take control of the company, and haven’t demonstrated a track record in managing an oil exploration company.
V.AOS shares were marginally down Wednesday, dropping $0.005 to $0.125.