Investor pushes Canada's Bellatrix to consider strategic options
Aug 19 (Reuters) - Activist investor Orange Capital LLC said it would ask oil and gas company Bellatrix Exploration Ltd to consider strategic alternatives after it became the largest shareholder in the Canadian company.
Bellatrix's shares rose as much as 7.6 percent after New York-based Orange Capital reported a 5.3 percent in the company.
The hedge fund also wants to discuss about the size and composition of Bellatrix board and a possible IPO or sale of the company's midstream assets, a regulatory filing showed on Tuesday. (1.usa.gov/1AuDFvP)
Orange Capital said Bellatrix's valuation was well below its intermediate industry peers in the Canadian exploration and production sector.
The stock is trading about three times above its intrinsic value - a measure of the stock's worth over 15 years, according to Thomson Reuters StarMine.
Calgary, Alberta-based Bellatrix's shares were trading at C$8.48 in morning trade on the Toronto Stock Exchange. (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Don Sebastian)
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