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Crown Point board questions LAIG intentions

12th February 2015

The board of Crown Point Energy, an Argentina-focussed oil and gas company, has twice this week warned shareholders of the company against voting for proposals put forward by LAIG Investments

The board of Crown Point Energy, an Argentina-focussed oil and gas company, has twice this week warned shareholders of the company against voting for proposals put forward by LAIG Investments
Argentina's vast shale reserves lie untapped as bureaucracy and corruption stifle investment

In a lengthy letter to shareholders, the board of Crown Point has argued against proposals forwarded by dissident investor LAIG.

The Crown Point board warned that LAIG’s criticisms of Crown’s Strategic Investors (a group of Argentine investors) may be part of a takeover strategy.

"Our Strategic Investors, as significant shareholders, are keenly focused on transforming Crown Point into a profitable and significant player in the Argentine oil and gas sector," said Gordon Kettleson, chairman of Crown Point. "They have aligned their interests with those of all shareholders by providing significant and much-needed capital to Crown Point and by placing two experienced representatives on Crown Point's Board."

"Unlike LAIG, which is not an Argentine company and whose principals are not Argentine, our Strategic Investors have strong reputations in Argentina, extensive experience in Argentina's energy and banking industries, and deep relationships with the local Argentine business community. Unlike LAIG, our Strategic Investors can open doors for Crown Point and deliver access to new and transforming growth opportunities such as acquisitions and farm-ins on strategic assets."

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