Hedge Funds
The drastic move is necessary, according to FrontFour, in order to “to preserve and enhance shareholder value,” according to a statement by the U.S.-based hedge fund on Thursday. FrontFour’s letter requested the meeting take place before January 22, 2016. FrontFour owns more than 8.84 million shares of Rock Energy, or 18.63% of its outstanding shares, a relatively large stake by activist investor standards. After news of the letter broke, Rock Energy’s stock rose more than 11% percent in early Toronto trading, a welcome respite from the 64% decline suffered by the firm in the last twelve months. The 45% slump...