Nanes Balkany Partners, an activist hedge fund which invests primarily in O&G companies and one of the largest shareholders of Panoro Energy is getting more involved. Panoro in 2013 had retained Evercore to review strategic alternatives, other shareholders had called an EGM, and now the Board is being reconstituted adding Julien Balkany and others. Here is a copy of their press release:
Nanes Balkany Partners I LP (“Nanes Balkany”), the New York-based activist hedge fund which invests primarily in oil and gas companies and one of the largest shareholders of Panoro Energy ASA (OSX:PEN) (“Panoro” or the “Company”), today announced its full support and endorsement for the election to the Board of the nominees recommended by Panoro’s Nomination Committee. The five person slate includes: Ms. Silje Augustson, Ms. Rosa Whitaker, Ms. Alexandra Hergen, Mr. Julien Balkany and Mr. Lars Brandeggen. Ms. Auguston, an incumbent director, has been nominated by the Company in recognition of the importance of board continuity.
Julien Balkany, Managing Member and Chief Investment Officer of Nanes Balkany Partners, stated, “We believe the recommendation put forward by the Nomination Committee of Panoro is an extremely positive step for the Company. Panoro has a very exciting portfolio of oil and gas exploration and development assets in West Africa and we are confident that under the leadership of a renewed Board the Company can achieve its true potential.”
Added Balkany: “I personally look forward to working constructively and diligently with the other directors, the management team, the employees and all the stakeholders towards our common objective of maximizing stockholder value and to position the Company for immediate success. I also would like to thank the departing Board members for their contributions to the Company.”