Resolute Energy Names New Directors

Resolute Energy (REN) said Wednesday it has appointed three new outside directors, determined to seek stockholder approval of a proposal to declassify its board of directors and reached a settlement with Monarch Alternative Capital LP.

Shares rose more than 1.5% in recent trading.

Resolute’s directors are currently divided into three classes, with the members of each class serving staggered three-year terms. At its 2018 annual meeting, the company will seek stockholder approval to amend Resolute’s certificate of incorporation to provide for the declassification of the board. If approved by the company’s stockholders, each director elected at the 2018 annual meeting and each director elected at each future annual meeting will be elected for a one-year term such that commencing with the 2020 annual meeting, all directors standing for election at such meeting will be elected for one-year terms.

Additionally, as part of its ongoing effort to enhance stockholder value, the expanded Resolute board will promptly conduct an in-depth review, assisted by its financial advisers, Goldman Sachs & Co. LLC and Petrie Partners, LLC, of Resolute’s business plan, competitive positioning and any potential strategic alternatives that will enhance the company’s goal of creating stockholder value.

Monarch Energy Holdings LLC and Monarch Alternative Capital LP, currently own about 9.5% of the company’s outstanding shares. Under the terms of the settlement agreement, Monarch will withdraw its nominations for directors at the 2018 annual meeting, vote its shares in favor of all of the board’s nominees and abide by customary standstill provisions and voting commitments.

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