SilverBow Resources gains after Riposte Capital demands board overhaul

SilverBow Resources

30/11/2023 15:18

** Shares of oil and gas producer SilverBow Resources
 SBOW.N  up 4.1% at $33.10
    ** Hedge fund Riposte Capital, the fourth largest
shareholder of the company, asks co to revamp its board to
address governance concerns and boost its lagging performance
    ** Three new and independent candidates must be nominated
and elected by shareholders - Riposte says in a letter
    ** Hedge fund says SBOW's acquisition of assets from
Chesapeake Energy  CHK.O  diluted holdings of existing
shareholders and 'destroyed much of the value' that the stock
had acquired following a rise in commodity prices    
    ** Riposte had earlier sent a letter to the company asking
to drop anti-takeover defenses and explore a sale     
    ** Including the session's gains, stock is up 17% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))