GREENWICH, Conn., April 3, 2018 /PRNewswire/ -- FrontFour
Capital Group LLC, together with its affiliates ("FrontFour" or
"we"), a significant shareholder of Obsidian Energy Ltd.
("Obsidian" or, the "Company") (TSX/NYSE: OBE) with an ownership
interest of approximately 6.3% of the Company's outstanding shares,
today announced that it has formally provided advance notice to the
Company of the nomination of a slate of four highly-qualified
candidates for election to the Board of Directors (the "Board") at
the Company's 2018 Annual and Special Meeting of Shareholders
("2018 AGM") to be held on May 11,
2018.
FrontFour has also issued the following open letter to Obsidian
shareholders:
A LETTER TO THE SHAREHOLDERS OF OBSIDIAN
ENERGY LTD.
April 3, 2018
Dear Fellow Shareholders,
As previously disclosed, FrontFour and its principals are
significant long-term shareholders of Obsidian, collectively
beneficially owning over 31 million shares, representing
approximately 6.3% of Obsidian's outstanding shares. In contrast to
Obsidian's current Board, our interests are directly aligned with
yours. After years of enduring substantial share price
underperformance at Obsidian, our goal is to drive significant
value creation for the benefit of all Obsidian
shareholders.
On April 2, 2018, Obsidian
publicly announced that it had commenced a process to explore the
sale of the Alberta Viking and Peace
River assets as part of an effort to focus on growth in the
Cardium. This followed an announcement late last week that Obsidian
scheduled its 2018 AGM for May 11,
2018, with a record date of April 4,
2018, although its annual meeting is customarily held in
June. We interpret the incumbent Board's action in setting a
significantly earlier meeting date as an attempt to minimize the
time that FrontFour has to conduct its campaign and use
historically low voter turn-out to its advantage.
The Board's Recent Strategic Review Announcement Validates
FrontFour's Strategy, is Reactionary and Represents Yet Another
About-Face on Strategy
On January 17, 2018, FrontFour
first publicly expressed concerns with the Board and laid out an
action plan to streamline the Company's asset footprint to focus on
becoming a standout light oil growth player and Cardium champion.
Obsidian quickly responded by stating that its business plan,
centered on sustaining a low-decline production base while
leveraging significant development optionality, was working, and
that "a change of course would hinder Obsidian's progress."
On March 20, 2018, we announced
our intention to nominate four directors for election to the Board,
vote against the proposed reverse stock split, and outlined a plan
to dispose of Peace River and the
Alberta Viking and redeploy the proceeds into debt repayment, stock
buybacks and jump-starting production growth in the Cardium.
Obsidian almost immediately responded to this with a press release
on March 21, 2018 headlined
"FrontFour is Risking the Company's Progress."
This is proof positive that Obsidian's Board is out of touch
with its shareholder base and in need of significant refreshment.
We strongly disagree that Obsidian's stated strategy as of
June 2017 represents "progress" when
it has led to anemic production and cash-flow growth, a track
record of blown operating targets and disastrous hedge losses
culminating in the receipt of a NYSE delisting notice.
It is also quite remarkable that less than two weeks after
decrying FrontFour's articulated strategy as "risking [the
Company's] progress," Obsidian has now announced its intention to
implement ALL publicly disclosed aspects of FrontFour's value
creation plan, with David French
claiming, "[t]oday's announcement is the natural next step in our
ongoing strategy to unlock shareholder value and establish Obsidian
Energy as a growth company focused on optimizing our
industry-leading position in the Cardium." This announcement is
anything but "natural" and represents another clear about-face on
strategy.
Obsidian's proposed asset sales and related strategic process
are clearly material developments. In commenting upon them, Board
chair Jay Thornton noted that "[t]he
process started in Q3 last year and accelerated in October when the
Board selected RBC Capital Markets as our lead financial advisor."
This flies in the face of recent trading activity by Obsidian's
directors. Over the last few months, Obsidian directors have made
market purchases of Obsidian shares, including as recently as
March 13, 2018. Had the so-called
process including asset sales been fulsome and truly active, then
insiders would have been precluded from trading Obsidian shares.
The insider purchases suggest that Obsidian's April 2nd strategic review
announcement is a recent development and a reaction to significant
shareholder pressure.
Obsidian Insider
Activity
|
|
Director
|
Trade
Date
|
Action
|
# of
Shares
|
George
Brookman
|
2/5/2018
|
Buy
|
10,000
|
John
Brydson
|
1/19/2018
|
Buy
|
336,723
|
John
Brydson
|
1/22/2018
|
Buy
|
163,277
|
Ray
Crossley
|
3/13/2018
|
Buy
|
7,500
|
David
French
|
2/2/2018
|
Buy
|
50,000
|
David
French
|
2/6/2018
|
Buy
|
50,000
|
Maureen Cormier
Jackson
|
12/14/2017
|
Buy
|
30,000
|
Jay
Thornton
|
2/9/2018
|
Buy
|
100,000
|
The Current Board Has Overseen Significant Value
Destruction While Underperforming All Relevant Industry
Indices
As evidenced by the chart below, Obsidian's Board has overseen
the destruction of significant long-term shareholder value as
reflected by the stark underperformance of Obsidian's shares
relative to three prominent energy indices: (i) the
S&P/Canadian Energy Index (XEG ETF), (ii) the Energy Select
Sector Index (XLE ETF), and (iii) the S&P Oil & Gas
Exploration & Production Select Industry index (XOP
ETF).
Astonishingly, Obsidian's shares have traded down approximately
96% during the tenure of George
Brookman as a director and 45% since David French became CEO in October of 2016.
OBE Stock Price
Performance Under Current Directors
|
|
|
|
|
|
|
Absolute Price
Performance
|
|
Date
|
Since Joining
Board
|
|
Joined
|
OBE
|
XEG
|
XLE
|
XOP
|
Director
|
Board
|
Stock
|
ETF
|
ETF
|
ETF
|
George
Brookman
|
8/3/2005
|
-95.9%
|
-39.1%
|
38.5%
|
NA
|
Jay W.
Thornton
|
6/26/2013
|
-88.3%
|
-25.7%
|
-14.0%
|
-39.7%
|
John
Brydson
|
6/4/2014
|
-87.7%
|
-44.1%
|
-29.4%
|
-54.2%
|
Raymond D.
Crossley
|
3/6/2015
|
-41.4%
|
-19.0%
|
-12.2%
|
-28.5%
|
William A.
Friley
|
3/12/2015
|
-32.5%
|
-15.9%
|
-10.0%
|
-26.3%
|
Maureen Cormier
Jackson
|
3/8/2016
|
-15.7%
|
5.6%
|
12.8%
|
27.4%
|
David L.
French
|
10/24/2016
|
-44.6%
|
-15.9%
|
-3.7%
|
-6.0%
|
Gordon
Ritche
|
12/12/2017
|
-15.1%
|
-5.1%
|
-3.1%
|
0.1%
|
Edward
Kernaghan
|
1/3/2018
|
-22.8%
|
-11.4%
|
-9.6%
|
-8.8%
|
|
|
|
|
|
|
Calculated as of
3/29/18. Excludes dividends.
|
|
|
|
|
|
Note: XOP ETF
launched in June 2006.
|
|
|
|
|
|
The Board's disastrous historical record of oversight of
management's repeated strategic missteps has resulted in an
overhang on Obsidian's share price that, despite the recent
announcement, in our view may only be lifted by a substantial
overhaul in Board composition. We now urge our fellow shareholders
to support FrontFour's efforts to drive value for all
shareholders.
Board Compensation: Taking Equity at the
Bottom
In Obsidian's April 2nd press release, the Board
announced their intention to receive all director fees in equity in
lieu of cash. We find it interesting that the Board waited
until now to finally align their interests with shareholders. As
depicted in the charts below, the Board's historical actions have
been anything but aligned. Per Obsidian's two most recent
information circulars, only one director elected to receive more
than 50% of his or her Board compensation in share-based awards.
Additionally, as of the most recently available public data, four
directors currently own significantly less than the minimum 100,000
share requirement, including George
Brookman, despite his nearly 13-year Board tenure.
Obsidian Board
Compensation (2015 to 2016)
|
|
|
|
|
|
|
|
|
|
|
Cash Fees
Received
|
Share-Based
Awards
|
Total
Compensation
|
% Cash of
Total
|
Director
|
2015
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
2016
|
George
Brookman
|
$115,017
|
$89,125
|
$24,817
|
$21,875
|
$139,834
|
$111,000
|
82%
|
80%
|
John
Brydson
|
-
|
-
|
$142,834
|
$115,500
|
$142,834
|
$115,500
|
0%
|
0%
|
Raymond
Crossley
|
$73,181
|
$88,313
|
$43,056
|
$34,688
|
$116,237
|
$123,001
|
63%
|
72%
|
William
Friley
|
$90,063
|
$93,750
|
$16,875
|
$18,750
|
$106,938
|
$112,500
|
84%
|
83%
|
Maureen Cormier
Jackson
|
NA
|
57,391
|
NA
|
$30,391
|
NA
|
$87,782
|
NA
|
65%
|
Jay
Thornton
|
$69,748
|
$54,750
|
$69,748
|
$54,750
|
$139,496
|
$109,500
|
50%
|
50%
|
Gordon
Ritche
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
Edward
Kernaghan
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
|
|
|
|
Source: Obsidian
public filings.
|
|
|
|
NA denotes that
individual was not on the Board of Directors during years
listed.
|
|
|
|
The stated intention in the Company's April 2nd announcement is simply too
little, too late. While Obsidian's shareholders have suffered
significant losses, a majority of Obsidian's legacy directors
(excluding Ritchie and Kernaghan) have continued to enrich
themselves by electing to take the vast majority of their director
compensation in cash.
Independent
Director Equity Ownership
|
|
Director
|
Shares
(#)
|
DSUs
(#)
|
Total Equity
(#)
|
George
Brookman
|
30,000
|
51,693
|
81,693
|
John
Brydson
|
2,553,000
|
196,799
|
2,749,799
|
Raymond
Crossley
|
19,000
|
52,610
|
71,610
|
William
Friley
|
50,648
|
26,615
|
77,263
|
Maureen Cormier
Jackson
|
35,000
|
24,677
|
59,677
|
Jay
Thornton
|
288,750
|
112,689
|
401,439
|
Gordon
Ritchie
|
100,000
|
NA
|
100,000
|
Edward
Kernaghan
|
34,791,375
|
NA
|
34,791,375
|
|
|
|
|
|
|
|
|
Sources: Obsidian
2017 Management Circular & Subsequent Public Filings
|
Gordon Ritchie and Ed
Kernaghan DSUs have not yet been disclosed
|
Edward Kernaghan's
shareholdings includes all Kernaghan controlled entities
|
FrontFour's Highly- Qualified Director Nominees Will Bring
Technical Expertise, Oversight and Accountability to Help Steward
Obsidian's Asset Optimization Strategy
As long-term shareholders, our goal is to hold the Board
accountable for their performance and to ensure that the Board's
interests are aligned with those of shareholders. Given the
Obsidian Board's poor track record, continued failure to
communicate, let alone execute, a clear and consistent corporate
strategy to investors and the misalignment of the Board's interests
with those of shareholders, we believe substantial change is
warranted, especially as industry consolidation in the Cardium
appears on the horizon. The incumbent Board cannot be counted on to
take the appropriate value maximizing steps. Accordingly, FrontFour
has formally provided advance notice of the nomination of four
highly qualified nominees. If elected, we expect that our nominees
would spearhead the implementation of a revised corporate strategy
focused on streamlining the Company portfolio and growing
Obsidian's light oil-weighted production in the Cardium. Our
nominees would bring significant technical and financial expertise,
as well as additional fresh perspectives and renewed
accountability, to Obsidian's Board for the benefit of all
shareholders. We are highly confident that such a dynamic will put
Obsidian on a path towards unlocking the significant shareholder
value embedded within its asset base.
Quite clearly, the incumbent Board has failed shareholders and
has a demonstrable track record of entrenchment. When
FrontFour approached the Board in October
2017 as part of an effort to work constructively and
privately towards unlocking value for shareholders, their immediate
reaction was to take aggressive and defensive steps towards
entrenchment and self-preservation, as opposed to anything related
to enhancing shareholder value. When FrontFour stood firm, the
Board opted to install Edward
Kernaghan onto the Board, despite having resisted doing so
since March 2016. This was principally due to Mr. Kernaghan's
ability to further entrench the incumbent Board by virtue of his
willingness to sign an off-market standstill and voting agreement
obliging him to vote blindly for Obsidian's slate at the 2018 AGM.
This behavior – on both sides of the negotiation – is a prime
example of the insular, "clubby" mentality that now permeates
Obsidian's boardroom to the detriment of shareholders. FrontFour
and its nominees are committed to changing this culture for the
benefit of all shareholders.
Over the coming weeks, we look forward to engaging with you.
Biographies of FrontFour's Nominees:
Steven P. Evans
Mr. Evans had a 31-year career with Chevron / Texaco until his
retirement in 2012. Most recently he held the position of general
manager, North America exploration
at Chevron.
- In this role, Mr. Evans was responsible for leading exploration
activities in the Gulf of Mexico
(both shelf and deepwater), onshore United States, onshore Canada, offshore the Atlantic Coast in
Canada, and Alaska with annual budgets ranging from
US$500 million to US$1.2 billion;
- Asked by CEO of Texaco to participate on the Chevron/Texaco
merger team. Served in this capacity from November 2000 through December 2001 and helped generate over
US$300 million in expense savings for
the new organization;
- Previously, Mr. Evans started with Texaco as manager of
finance, planning and portfolio for E&P technology in 1989 and
assumed various leadership roles in strategy and planning;
- Prior to 1989, Mr. Evans completed assignments in reservoir
engineering, operations research and planning. He started his
career with Pennzoil in 1980; and
- Currently a director of Venari Resources, a private-equity
backed deepwater Gulf of Mexico
start-up.
Michael J. Faust
Mr. Faust has 34 years of industry, financial and leadership
experience within the oil and gas sector, including diverse
geological, geophysical and technical reservoir experience spanning
many different basins and formations throughout the world.
- Mr. Faust was most recently the Vice President of Exploration
and Land at ConocoPhillips Alaska, Inc. where he oversaw and
managed the company's exploration organization and strategy in
Alaska;
- Mr. Faust previously served as the Vice President of
Exploration and Land at ConocoPhillips Canada Resources Ltd. where
he was responsible for Conoco's Canadian exploration activities
with significant experience within the Deep Basin and various
formations within the Western Canadian Sedimentary Basin;
- Joined Arco Alaska, Inc. in 1997 where he held multiple senior
positions up to and following Phillips Petroleum Co.'s acquisition
of Arco Alaska in 2000 and the subsequent merger between Phillips
and Conoco Inc., which created ConocoPhillips Alaska, Inc. in
2002;
- Positions of increasing responsibility at Arco Alaska included
Chief Geophysicist, Development Geoscience Manager, Technology and
Operations Manager, and Offshore Exploration Manager;
- Prior to Arco Alaska, Mr. Faust held various positions with
Exxon Exploration Company and Esso Norge A.S. after beginning his
career with Exxon Co. USA in 1983; and
- Mr. Faust is currently the lead independent director at
SAExploration, an oilfield service company.
Matthew ("Matt") Goldfarb
Mr. Goldfarb has over 20 years of diverse experience as an
investor, in senior management roles at companies undergoing
financial restructurings, legal counsel, and board director across
numerous industries where he has helped drive successful outcomes
for shareholders.
- Mr. Goldfarb is a founding partner and managing member of
Southport Midstream Partners LLC, a private-equity backed
investment vehicle focused on energy infrastructure projects in
North America;
- Mr. Goldfarb also serves as Chief Restructuring Officer and
Acting Chief Executive Officer of Cline Mining Corporation;
- Mr. Goldfarb previously served as Chief Executive Officer of
Xinergy Ltd., having earlier served as its Vice Chairman and lead
independent director;
- Mr. Goldfarb was previously a restructuring and M&A lawyer
at Schulte Roth & Zabel LLP; and
- Mr. Goldfarb has served on the Boards of Sevcon, Inc., Midway
Gold Corporation, The Pep Boys – Manny, Moe & Jack, Huntingdon
Capital Corp., Fisher Communications, Inc., CKE Restaurants, Inc.,
and James River Coal Company.
Stephen E. Loukas
Mr. Loukas has nearly 20 years of experience as an investor,
investment banker, and financial restructuring consultant with
significant experience across a broad-based number of
industries.
- Mr. Loukas has been a Managing Member and Portfolio Manager of
FrontFour Capital Group LLC since February
2009 where he helps oversee the firm's investment
portfolio;
- Previously, Mr. Loukas held roles including Director at Credit
Suisse Securities where he was a Portfolio Manager and Head of
Investment Research of the Multi-Product Event Proprietary Trading
Group, and at Pirate Capital where he was a senior investment
analyst;
- Mr. Loukas has also worked within the Corporate Finance &
Distribution Group of Scotia Capital where he focused on the
structuring and syndication of leveraged loans and high yield
debt;
- Mr. Loukas started his career at financial restructuring firm
Zolfo Cooper where he assisted corporate clients in the development
and implementation of operational and financial restructuring
plans; and
- Mr. Loukas has previously served as a director of Xinergy
Ltd.
Sincerely,
|
|
|
Zachary R.
George
Portfolio
Manager
|
David A.
Lorber
Portfolio
Manager
|
Stephen E.
Loukas
Portfolio
Manager
|
FRONTFOUR CAPITAL GROUP LLC
FrontFour Capital Group
LLC, located in the United States
at 35 Mason Street, Greenwich, CT
06830, was formed in December 2006.
FrontFour Capital Group LLC is registered with the Securities &
Exchange Commission as an investment adviser under the Investment
Advisers Act of 1940, as amended.
ADDITIONAL INFORMATION CONCERNING FRONTFOUR'S PROPOSED BOARD
NOMINEES
Name
Province/State, Country
of Residence
|
Present Principal
Occupation, Business or
Employment and in Five Preceding Years
|
Number of
Common Shares of
Obsidian
Beneficially
Owned or
Controlled
|
Steven P. Evans
Texas, USA
|
Retired since 2013.
Prior to his retirement, Mr. Evans was VP- Head of Exploration for
North America for Chevron.
|
Nil
|
Michael J. Faust
Alaska, USA
|
Currently a consultant
at Quartz Geophysical LLC, a geophysical consulting firm, and a
director at SAExploration Holdings, Inc., an oilfield services
firm. Prior thereto, Mr. Faust was Vice President Exploration,
Business Development and Land (August 2013 to January 2017) and
Chukchi Sea Project Manager (until August 2013) for ConocoPhillips
Alaska, Inc., an oil and gas company.
|
Nil
|
Matthew Goldfarb
Connecticut, USA
|
Founding partner and
managing member of Southport Midstream Partners LLC (since the
first quarter of 2016), a private-equity backed investment vehicle
focused on energy infrastructure projects in North America, and
(since December 2013) Chief Restructuring Officer and Acting Chief
Executive Officer of Cline Mining Corporation, a Canadian mining
company whose primary asset is the New Elk coking coal mine in
Weston, Colorado. Prior thereto, Mr. Goldfarb was Chief Executive
Officer of Xinergy Ltd., a coal mining company, from May 2012 until
November 2013.
|
124,500
|
Stephen E. Loukas
New York, USA
|
Managing Member and
Portfolio Manager of FrontFour Capital Group LLC, a hedge
fund.
|
259,400
|
Each of FrontFour's proposed Board nominees has been indemnified
by affiliates of FrontFour in connection with such Board nominee's
nomination for election at the 2018 AGM, and Messrs. Evans, Faust
and Goldfarb have each provided a power of attorney in favour of
Stephen E. Loukas for the purposes
of various corporate and securities law filings in connection with
the 2018 AGM and related matters.
Penalties or Sanctions
To the knowledge of FrontFour,
none of FrontFour's proposed Board nominees has: (i) been subject
to any penalties or sanctions imposed by a court relating to
securities legislation or by a securities regulatory authority or
has entered into a settlement agreement with a securities
regulatory authority; or (ii) been subject to any other penalties
or sanctions imposed by a court or regulatory body that would be
likely to be considered important to a reasonable security holder
in deciding whether to vote for a proposed director.
Individual Bankruptcies
To the knowledge of FrontFour,
none of FrontFour's proposed Board nominees is or has, within the
10 years prior to the date hereof, become bankrupt, made a proposal
under any legislation relating to bankruptcy or insolvency, or
become subject to or instituted any proceedings, arrangement or
compromise with creditors or had a receiver, receiver manager or
trustee appointed to hold the assets of that individual.
Corporate Cease Trade Orders or Bankruptcies
To the
knowledge of FrontFour and except as set out below, none of
FrontFour's proposed Board nominees is, or has been within the past
ten years, a director or executive officer of any company that,
while such person was acting in that capacity: (i) was the subject
of a cease trade or similar order or an order that denied the
relevant company access to any exemptions under securities
legislation that was in effect for a period of more than 30
consecutive days; (ii) was subject to an event that resulted, after
that individual ceased to be a director or executive officer, in
the company being the subject of a cease trade or similar order or
an order that denied the company access to any exemptions under
securities legislation that was in effect for a period of more than
30 consecutive days; or (iii) within a year of that individual
ceasing to act in that capacity, became bankrupt, made a proposal
under any legislation relating to bankruptcy or insolvency or was
subject to or instituted any proceedings, arrangement or compromise
with creditors or had a receiver, receiver manager or trustee
appointed to hold its assets.
In December 2013, and in
contemplation of a financial restructuring, Mr. Goldfarb was
retained by the Cline Mining Corporation board of directors, at the
instruction of its senior lenders, to lead the financial
restructuring and optimization of the mining assets of the Toronto
Stock Exchange-listed issuer. Companies' Creditors Arrangement
Act (Canada) ("CCAA")
insolvency proceedings and related Chapter 15 "recognition"
proceedings relating to the "work-out" of Cline Mining Corporation
were initiated in December 2014, and
the company emerged therefrom in July
2015.
On June 22, 2015, Midway Gold
Corporation and certain of its subsidiaries filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code in
the United States Bankruptcy Court
for the District of Colorado,
seeking ancillary relief in Canada
pursuant to the CCAA in the Supreme Court of British Columbia in Vancouver, Canada. On January 29, 2016, Mr. Goldfarb was appointed as
an independent director of Midway to assist the issuer in its
ongoing financial restructuring and asset-sale efforts.
In connection with Obsidian's 2018 AGM, FrontFour intends to
file a dissident information circular in due course. FrontFour is
providing the following disclosure required under section 9.2(4) of
National Instrument 51-102 – Continuous Disclosure
Obligations in accordance with securities laws applicable to
public broadcast solicitations. Any solicitation made by FrontFour
will be made by it and not by or on behalf of the management of
Obsidian. All costs incurred for any solicitation will be borne by
FrontFour, provided that, subject to applicable law, FrontFour may
seek reimbursement from Obsidian of FrontFour's out-of-pocket
expenses, including proxy solicitation expenses and legal fees,
incurred in connection with any successful result at a meeting of
Obsidian shareholders. Proxies may be solicited by FrontFour
pursuant to an information circular sent to shareholders after
which solicitations may be made by or on behalf of FrontFour by
mail, telephone, fax, email or other electronic means as well as by
newspaper or other media advertising, and in person by directors,
officers and employees of FrontFour, who will not be specifically
remunerated therefor. FrontFour may also solicit proxies in
reliance upon the public broadcast exemption to the solicitation
requirements under applicable Canadian corporate and securities
laws, including through press releases, speeches or publications,
and by any other manner permitted under applicable Canadian laws.
FrontFour may engage the services of one or more agents and
authorize other persons to assist in soliciting proxies on its
behalf, which agents would receive customary fees for such
services. In particular, The Laurel Hill Advisory Group Company
(the "Proxy Solicitor") has been engaged to solicit proxies in
the United States and Canada. Pursuant to this engagement, the Proxy
Solicitor will receive an initial fee of C$100,000 plus a customary fee for each call to
and from shareholders. In addition, the Proxy Solicitor may be
entitled to a fee of up to C$125,000
in connection with a successful solicitation campaign. Proxies may
be revoked by instrument in writing by a shareholder giving the
proxy or by its duly authorized officer or attorney, or in any
other manner permitted by law and the articles or by-laws of
Obsidian. None of FrontFour nor, to its knowledge, any of its
associates or affiliates, has any material interest, direct or
indirect: (i) in any transaction since the beginning of Obsidian's
most recently completed financial year or in any proposed
transaction that has materially affected or would materially affect
Obsidian or any of its subsidiaries; or (ii) by way of beneficial
ownership of securities or otherwise, in any matter proposed to be
acted on by Obsidian, other than the election of directors to the
board of Obsidian. Obsidian's principal office address is 200, 207
- 9th Avenue SW Calgary, Alberta
T2P 1K3.
CONTACT
Investor Contact:
Stephen Loukas
FrontFour Capital Group LLC
35 Mason Street, 4th Floor
Greenwich, CT 06830
203-274-9050
View original
content:http://www.prnewswire.com/news-releases/frontfour-formally-provides-advance-notice-of-the-nomination-of-four-highly-qualified-directors-for-election-at-obsidians-2018-annual-and-special-meeting-300623972.html
SOURCE FrontFour Capital Group LLC