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Shareholder Cannell Capital seeks modified Dutch tender for Ring Energy

Published 10/16/2018, 04:06 PM
© Reuters.  Shareholder Cannell Capital seeks modified Dutch tender for Ring Energy
REI
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  • Ring Energy (REI -2.3%) shareholder Cannell Capital sends a letter to the company seeking a $100M share buyback.
  • Cannell wants REI to "commence a modified Dutch tender to buy up to 19% of the shares into treasury immediately. The hurdle of a 5% rate of interest is trifling relative to the torque of your equity at $8 per share based on the facts represented in the Oct. 3 conference call."
  • Funds and clients advised by Cannell Capital own slightly more than 3% of REI common shares.
  • Now read: Ring Energy: For Whom The Well Tolls


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