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Canadian Superior Energy shareholder wants chairman Noval to resign from board
By Lisa Kerner
Charlotte, N.C., Sept. 30 - A group of Canadian Superior Energy Inc. shareholders led by Palo Alto Investors, LLC is asking executive chairman Greg Noval to resign from the company's board of directors, citing various conflicts of interest.
Noval is also chairman of the board of Challenger Energy Corp., a vehicle formed to secure financing for Canadian Superior's Block 5(C) project in Trinidad, according to a schedule 13D filed with the Securities and Exchange Commission.
According to Palo Alto, the Trinidad project is at a point where the corporate governance structures of Challenger and Canadian Superior create a conflict that "makes it impossible for Mr. Noval to simultaneously act in the best interest of shareholders of both companies."
Noval also has a "significant financial interest" in Challenger of 10.1%, compared with his 0.03% interest in Canadian Superior, said Palo Alto.
In a Sept. 29 letter to Canadian Superior's board, Palo Alto said if Noval does not resign, it will consider all options available under both Canadian and U.S. law.
With Noval's resignation, the Canadian Superior board can "pursue the creation and maximization of shareholder value for the company, free from conflict," the filing said.
Palo Alto, a long-term investor in Canadian Superior, owns approximately 14 million shares, or 10% of the company's common shares outstanding.
Based in Calgary, Alta., Canadian Superior is a crude oil and natural gas exploration and production company with an emphasis on exploring for and producing crude oil and natural gas in western Canada, Nova Scotia and Trinidad and Tobago.
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