CORRECTED - UPDATE 1-First Calgary seeks shareholder vote delay
(Fixes spelling of minister's name to Khelil in paragraph 4) (Adds comments, details)
CALGARY, Alberta, April 7 (Reuters) - First Calgary Petroleums Ltd (FCP.TO: Quote, Profile, Research, Stock Buzz) said on Monday it will seek court approval to delay its annual meeting, slated for Tuesday, until April 18, to give shareholders time to consider a letter of support for its management from the Algerian government.
Dissident shareholders are seeking to oust Richard Anderson, First Calgary's chief executive, in a vote at the meeting, but company spokesman Jeff Angel said the delay would give investors a chance to consider the letter.
"In light of the letter First Calgary received ... the board believes it is necessary to adjourn the meeting to allow shareholders time to fully consider the implications of the letter," Angel said.
The letter, from Algerian Energy Minister Chakib Khelil, expressed concern about possible board changes at First Calgary.
Waterford Finance and Investment Ltd, which is leading the charge to install new directors at First Calgary and oust Anderson, said the move came because proxies submitted in advance of the vote had been running in favor of replacing management and the board.
However Angel said the votes have not yet been counted.
Shares of First Calgary, whose major asset is an Algerian petroleum property it is trying to develop, fell 7 Canadian cents to C$2.70 on the Toronto Stock Exchange. The shares have dropped 45 percent over the past 12 months.
($1=$1.01 Canadian) (Reporting by Scott Haggett; Editing by Rob Wilson)
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