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
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.
SOURCE: Andylan Capital Strategies Ltd.
For further information:
Andylan Capital Strategies Ltd.