Andylan announces share position in TriOil Resources Ltd. and requests initiation of strategic alternatives process
CALGARY, Jan. 30, 2013 /CNW/ - Andylan Capital Strategies Ltd. ("Andylan"), portfolio manager to Andylan Investors Limited Partnership 2012 ("Andylan LP"), announces that Andylan LP has acquired approximately 5% of the total issued and outstanding common shares of TriOil Resources Ltd. ("TriOil") as of the date hereof, on a non-diluted basis. Such shares were acquired through the facilities of the TSX Venture Exchange and other exchanges.
Andylan further announces that it has today delivered a letter to the board of directors of TriOil (the "TriOil Board") requesting the establishment of a special committee of the TriOil Board to initiate a strategic alternatives process with the objective of maximizing shareholder value, taking immediate steps to confirm the existing shareholder rights plan, and the recruitment of two additional directors to the TriOil Board to serve on the special committee. Andylan has also proposed measures to enhance board governance.
In addition, Andylan has requested that the TriOil Board refrain from, prior to the implementation of the steps outlined above: (i) any further equity financings resulting in equity dilution to shareholders; and (ii) entering into any material asset or corporate acquisition or disposition agreements.
Andylan believes that holders of a significant percentage of TriOil's common shares have a similar view to Andylan in respect to such matters, and Andylan has encouraged the TriOil Board to contact TriOil shareholders directly to hear their views. Andylan looks forward to meeting with representatives of the TriOil Board to discuss how these proposed steps will have benefits to all shareholders and would allow TriOil to explore all of the alternatives available to the company to create additional value.
Andylan Capital Strategies Ltd. is a Calgary-based Portfolio Manager and Investment Fund Manager.
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Andylan Capital Strategies Ltd.