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Opalesque Exclusive: Battle heats up between hedge fund Nanes Delorme and VCAALCO energy
Kirsten Bischoff, Opalesque New York: Shareholders of Houston based VAALCO Energy, Inc watched a war of words unfold as the battle between VAALCO management and hedge fund Nanes Delorme Partners (who have an approximate 7.9% share in VAALCO) amped up this week.
On May 9th, Nanes, a New York based fund which invests in oil and gas exploration and production, struck by sending out proxy statements to solicit votes for three nominees to the Board of Directors at VAALCO. Included in the letter was reference to an April 15, 2008 meeting between Nanes and the executive team at VAALCO, which Nanes concludes reflected “the Board’s lack of sincere interest in improving the Company’s operating performance.” Listing the proposed actions that its nominees will make Nanes includes evaluating the entire company for sale, discontinuing expansion in the UK North Sea, and separating the role of Chairman and CEO into two distinct positions.
Shareholders were approached the same day by VAALCO as Chairman and CEO Robert Gerry III presented its argument against Nanes Board nominees and proposed initiatives to increase share value. In addition to citing a 47% compound annual growth rate since 2000, Gerry pointed out the link between Nanes and the fund’s partner, Pilatus Energy, which is a VAALCO competitor, as well as Nanes history in b...................... To view our full article Click here
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