TORONTO, April 21 (Reuters) - Canadian activist firm West Face Capital Inc outlined plans to put up a slate of six board nominees and wage a proxy battle against energy company Gran Tierra Energy Inc on Tuesday, saying that its current four-member board has failed investors.
West Face, whose managed funds control roughly 9.8 percent of Gran Tierra Energy’s shares, said the company’s current board has overseen a failed high-risk, high-cost exploration strategy in Peru, Argentina and Brazil that has led to the destruction of more than half the company’s market value since the beginning of 2011.
West Face said it plans to nominate six candidates for election to Gran Tierra’s board at its annual meeting on June 24, 2015.
The company was not immediately reachable for comment.
Shares in Gran Tierra jumped 3.8 percent in afternoon trading following the West Face announcement.
Reporting by Euan Rocha; Editing by Lisa Shumaker