|
|
| |||||
 |
|
|
|||
| |||||
 |
|||||
Tuesday, August 19, 2008 |
Subscribe | News Research Centre | Place a Classified Ad | Advertise | |
|
|
ONCO PETROLEUM
Vanier slams 'sharks' for 'hostile takeover' bid
The head of an embattled London energy company lashed out yesterday at "huge sharks" in the industry and decried what he said appears to be a "hostile takeover."
Vanier told The Free Press he and his wife Terri Ramage, Onco's majority shareholders and the only other two directors left on the board, have acted in Onco's best interests. "We do not feel we have done anything that's very wrongful except sometimes being innocent in this world of huge sharks in oil and gas and a lot of people that try to take advantage," said Vanier, Onco's chief executive officer. Vanier didn't specify whom he meant by those remarks. Onco, beset by resignations from its board and a trading ban on its shares imposed by Ontario's securities regulator, claimed the largest natural gas find in Ontario history this spring, but its shares nosedived on a junior exchange. The Ontario Securities Commission has banned all trading in the company, after it failed to file its 2007 financial report. Onco's troubles deepened this week after the Quebec couple on the board said, as far as they're concerned, Vanier has no authority to call a shareholders' meeting. Richard-Marc Lacasse and his wife Berthe Lambert said they won't attend the Sept. 18 meeting Vanier has called. But Vanier fired back, insisting he has the right to call the meeting as a shareholder and it will take place. Six of the 10 Onco directors have resigned, leaving only the two feuding couples. Lacasse and Lambert said Tuesday in a news release they'd suspended Vanier and Ramage as Onco directors. Lacasse and Lambert, live in Ste. Foy, Que. Both sides have issued news releases using Onco's logo. Lacasse said no shareholders meeting should be called until after Vanier and Ramage explain why they recently took back, without the board's permission, $17.3 million in loans and advances to Onco. Lacasse said the move has almost drained Onco coffers, leaving it in a poor position to develop its oil and gas leases in Chatham-Kent. Vanier denies the $17.3 million was withdrawn and said he'd explain at a news conference he'd call early next week. "It looks like a hostile takeover. That's what it looks like," he said. Vanier said he's trying to put Onco back on track with new directors. "It's time for new blood and new life. The (gas) reserves are there, so it's worthwhile to do everything to save it," he said. Hank Daniszewski is a Free Press business reporter.
Home
|
News
|
Opinion
|
Today
|
Sports
|
Business
|
Classifieds
Place an Ad | Subscribe | Become a Carrier | Your Newspaper
|
|
 |
E-MAIL: Hank Daniszewski