Samuel Terry, Sandon ramp up pressure in Karoon Energy activist campaign
Samuel Terry and Sandon Capital have shot down a last minute appeal from Karoon Energy as shareholders prepare to cast their votes.
Prominent fund managers Samuel Terry Asset Management and Sandon Capital have intensified their criticism of Karoon Energy after the oil and gas play's chair Peter Botten defended the company's strategy and performance ahead of next week's annual general meeting.
The two fund managers are jointly urging shareholders to deliver a remuneration strike against the company at the AGM, deny performance rights to CEO Julian Fowles, reject raising fees to the board, and stop the company being able to issue more shares.
Ahead of the meeting Botten wrote to shareholders telling them he would not back down following pressure from the two fund managers, sparking a terse respond from the investors.
But Sandon Capital managing director Gabriel Radzyminski said the $1.5 billion oil and gas company's refusal to commit to rewarding patient shareholders, per their demands, showed nothing had changed.
