• Most Popular
  • Most Shared

CORRECTED - UPDATE 1-First Calgary seeks shareholder vote delay

Mon Apr 7, 2008 11:40pm EDT

(Fixes spelling of minister's name to Khelil in paragraph 4) (Adds comments, details)

Stocks

CALGARY, Alberta, April 7 (Reuters) - First Calgary Petroleums Ltd FCP.TO 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)



More from Reuters

Photo

Voicing some optimism, Fed leaves policy on hold

WASHINGTON (Reuters) - The Federal Reserve on Wednesday seized on easing U.S. job losses to voice growing optimism on the economy's prospects, but repeated a vow to keep interest rates unusually low for "an extended period." | Video

An an exit sign is pictured in New York City October 14, 2006.  REUTERS/Lucas Jackson
Interview:

No stimulus exit in sight

The man who predicted the fallout from the property bubble says it's still too early to talk about exiting easy money policies. In fact, more stimulus is on the way.  Full Article 

A long-range, improved Sejil 2 missile is test-fired in the desert at an unknown location in Iran in this Iranian military handout distributed by Fars news agency on December 16, 2009.

Iran tests upgraded missile

Hardline rulers send uncompromising signals to foes at home and abroad, testing a missile that could reach Israel and warning of legal action against opposition leaders.  Full Article | Video