Resolute Energy Adds 3 New Board Members

Resolute Energy Corp (REN) late Wednesday said it has reached a settlement with activist investors Monarch Energy Holdings and Monarch Alternative Capital LP, agreeing to expand its board of directors to 11 members, and nominating Joseph Citarrella, Monarch’s managing principal, and two other directors selected by Monarch, as director candidate at Resolute’s upcoming annual shareholders meeting.

Monarch selected Wilkie Colyer Jr., the principal at Goff Capital, Inc., and RR Advisors LLC founding member and portfolio manager Robert Raymond as the other director nominees. If elected, Citarella will initially serve a one-year term on the board while Colyer and Raymond are being nominated for terms expiring at the company’s 2020 annual meeting, according to a regulatory filing by Resolute Wednesday afternoon.

In return for receiving its new representation on the Resolute board, Monarch has pledged to support the company’s director slate by voting all of its shares for those candidates.

The company also agreed to retain Petries Partners and Goldman Sachs (GS) to review its business plan and prospective strategic alternatives, including a potential merger, sale or business combination.

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