Encana shareholder to vote against proposal to exit Canada [Toronto Globe and Mail (Ontario, Canada)]
ENCANA (ECA)
Last encana earnings: 10/31 06:30 am
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Source: Toronto Globe and Mail
Encana shareholder to vote against proposal to exit Canada Encana Corp shareholder Letko, Brosseau & Associates Inc said on Tuesday it will vote against the oil and gas company’s proposed exit from Canada to the United States. The investment firm, which owns a nearly 4% stake in Encana, said the move will cause significant losses for Canadian investors. However, Encana said it was “disappointed” with Letko’s move as a redomicile would not harm Canadian investors. Story continues below advertisement Last month, the company said it would shift base from Calgary to the United States and become Ovintiv Inc next year, the latest company to move away from Canada that is battling with pipeline capacity shortages. Concerns that some Canadian funds would be unable to invest in the company once it moves to the United States had dragged its U.S.-listed shares down over 8% on the day of the announcement. Shares were down about 4% on Tuesday. Encana, once among Canada’s largest oil companies, has
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