Kekst CNC handles Riposte Capital as the investment advisor presses SilverBow Resources oil & gas company to add independent directors to its board at the 2024 annual meeting.
Riposte Capital’s Khaled Beydoun wrote a Nov. 30 letter to SilverBow CEO Sean Woolverton and the board, saying they have proven to be “incapable of being credible stewards of capital or corporate governance.”
Beydoun notes that SilverBow's $700M acquisition of Chesapeake Energy’s south Texas holdings has hardly been “transformational” as promised in the Aug. 14 announcement.
SilverBow’s stock price fell 23 percent since that announcement.
Riposte also criticized SilverBow for being the only energy company with a poison pill anti-takeover mechanism.
“It has become clear that you have done everything within your power to deter potential acquirers of he company in the midst of an ongoing wave of logical consolidation that is unfolding across your peer groups’ ecosystem,” wrote Beydoun.
Riposte, which owns 6.7 percent of SilverBow, believes a revamped board is needed to pursue a strategy that creates value for investors.
Kekst CNC’s Ross Lovern represents Riposte Capital.