Encana disappointed after investor blasts plan to redomicile [Business News Network (BNN) Energy & Resources (Canada)]
ENCANA (ECA)
Last encana earnings: 10/31 06:30 am
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Source: Business News Network
Encana disappointed after investor blasts plan to redomicile One of the largest Encana Corp. shareholders says the oil and natural gas producer’s plan to move to the U.S. is “highly discriminatory” against Canadian investors. Letko, Brosseau & Associates Inc., which has a stake of about four per cent, will vote against Encana’s plan to relocate to the U.S., the investor said Tuesday in a statement. The Montreal-based firm says the move would force investors holding the shares through indexed Canadian funds or Canadian-only investment policies to sell the stock, likely at a loss given where the shares are now trading. “This is an example of very poor corporate governance,” co-founder Peter Letko said in an interview. “The company is openly discriminating against certain types of shareholders.” Encana’s announcement of the planned U.S. move last month ratcheted up the gloom enveloping the Canadian oil industry and heightened anxieties about losing major domestic companies. Letko Brossea
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