Two of SilverBow Resources Inc’s largest investors, including hedge fund Ripose, are pushing the US oil and gas producer to revamp its board to address governance concerns and improve ‘dismal’ performance, according to a report by Reuters.
The report quoted a letter from Ripose, the company’s fourth largest stake holder as saying that the firm needs to appoint new board members at the shareholder meeting due next year, having failed to act on its earlier demands and, instead, pursued a strategy that resulted in a further underperformance against rivals
The hedge fund’s dissent at SilverBow is a rare example of shareholder activism from Riposte, run by Khaled Bedouin, which has only publicly voiced its displeasure at a company whose shares it has owned on a couple of occasions in recent years, the report added.
