Third Point nominates three to TXCO Resources board

By Lisa Kerner

Charlotte, N.C., Feb. 25 - Third Point Offshore Fund Ltd. is nominating Jacob Roorda, Todd Q. Swanson and Anthony Tripodo to stand for election as class A directors on the TXCO Resources Inc. board of directors at the company's annual meeting on May 9.

In response, TXCO chief executive officer James E. Sigmon said that each current member of TXCO's board has more than 30 years of proven experience.

"Our board remains confident that our business strategy will continue to build long-term value for our stockholders," Sigmon said in a company news release.

"We urge our stockholders to continue to focus on the progress we have made and on the prospects we have created for increasing the long-term value of our company," Sigmon added.

On Feb. 6, TXCO called allegations made by Third Point LLC in its recent lawsuit "without merit" and said the company will "vigorously" defend itself.

As previously reported, Third Point, an 8% stakeholder, filed suit in the Delaware Chancery Court to nullify the appointment of James L. Hewitt to TXCO's board of directors on Jan. 14.

Third Point contends that TXCO's board had been reduced to six directors, making Hewitt the seventh director.

TXCO is a San Antonio-based oil and gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.