TORONTO – EnerCare Inc. (TSX:ECI) says that it believes a request for a special meeting of shareholders, sent to the water heater rental company earlier this month by Octavian Advisors, is invalid under Canadian law.
Octavian has proposed increasing the size of EnerCare’s board to 10 members by adding four nominees of Octavian to the six-member board.
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At the time of the requisition, EnerCare said it believed Octavian held about 13 per cent of the water heater company’s issued and outstanding common shares.
Normally, a shareholder or group of shareholders with five per cent or more of the equity are entitled to request a special meeting of shareholders – although there are numerous grounds used to deny such requests.
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EnerCare said Wednesday that it has determined that Octavian is not on the register of shareholders.
Consequently, EnerCare plans to hold its regular annual shareholders meeting on April 30. The record date has been fixed as March 2.
EnerCare and EnerCare Solutions Inc. own a portfolio of approximately 1.2 million water heaters and other assets, rented primarily to residential customers in Ontario.
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