Lone Star Value Discloses 5.3% Position in Antares Energy and Calls for
Extraordinary Meeting of Antares' Members
Seeks to Add New Independent Directors to Antares Board
Expresses Desire to Maximize Shareholder Value and Improve Corporate
NEW YORK, May 15, 2014
NEW YORK, May 15, 2014 /PRNewswire/ -- Lone Star Value Investors, LP (together
with its affiliates, "Lone Star Value" or "we") owns 5.3% of the outstanding
shares of Antares Energy Limited (ASX: AZZ) ("Antares" or the "Company"). We
are dedicated to maximizing value and improving corporate governance at
Antares for the benefit of all shareholders and we welcome the opportunity of
bringing these values to the Australian market.
Accordingly, we intend to call an Extraordinary General Meeting ("EGM") of
Antares' members to seek the election of five new directors to the board of
directors of Antares (the "Board"). We expect to send a notice of meeting to
Antares shareholders in the first week of June and we expect an EGM to be held
no later than July 21, 2014.
We are seeking to call this EGM because we believe that Antares' shareholders
should be given the opportunity to vote to improve their Board by adding five
highly-qualified, independent directors whose interests are fully aligned with
those of all shareholders and whose experience is highly relevant and
complimentary to serving Board members.
Our director candidates have expertise in the following areas: petroleum
engineering, geology, finance, legal, capital markets, capital raising,
mergers, company and asset sales, and joint ventures. We believe this
expertise is needed on the Antares Board to improve corporate governance and
create a strategic plan to enhance value for the benefit of ALL shareholders.
We call on the incumbent Board not to take actions adverse to the best
interests of the Antares shareholders prior to the EGM, such as: issuing
equity or equity-linked securities – specifically further convertible debt
offerings; being uncooperative or hindering Lone Star Value in calling its
EGM; agreeing to sell material assets of the Company (including any of its
projects); making material acquisitions, forming joint ventures, or adding any
further members to the Board prior to the EGM.
In the coming days, we intend to provide shareholders with greater detail on
the qualifications, experience and track records of our nominees and Lone Star
Value's plan to maximize shareholder value. We look forward to the
opportunity to improve corporate governance and enhance value at Antares for
the benefit of ALL shareholders.
About Lone Star Value Management
Lone Star Value is a deep-value investment firm based in Old Greenwich, CT,
USA that seeks active involvement in its long-term holdings. Lone Star Value
was founded by Jeffrey E. Eberwein. Prior to founding Lone Star Value, Mr.
Eberwein was a private investor and served as a portfolio manager at Soros
Fund Management and Viking Global Investors. Mr. Eberwein is currently
Chairman of the boards of Aetrium Incorporated, Digirad Corporation, and
Crossroads Systems, Inc and he serves on the board of NTS, Inc., a company
located in West Texas. Mr. Eberwein previously served as a director of The
Goldfield Corporation and On Track Innovations Ltd. Mr. Eberwein has
significant Wall Street experience and valuable public company and financial
expertise, gained from both his employment history and directorships. Mr.
Eberwein is a native of Texas, has been deeply involved in the energy sector
for almost 25 years, and has valuable business contacts in the energy industry
and the state of Texas.
Jeffrey E. Eberwein
Lone Star Value Investors, LP
Jeffrey E. Eberwein
*To the extent this communication contains forward-looking statements, they
are based on assumptions and judgments of Lone Star Value Investors, LP
regarding future events and results. Readers are cautioned that
forward-looking information involves known and unknown risks, uncertainties
and other factors which may cause the actual results to be materially
different from any those implied by the forward-looking statements.
SOURCE Lone Star Value Management
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