The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Octavian Advisors Provides Update on Investment in EnerCare Inc.

Friday, December 16, 2011

Octavian Advisors Provides Update on Investment in EnerCare Inc.19:27 EST Friday, December 16, 2011 TORONTO (Business Wire) -- Octavian Advisors, LP (“Octavian”) announced that from its previously announced investment on April 28, 2011 until December 16, 2011, as investment manager to certain investment funds, Octavian acquired control or direction over an aggregate of 1,141,619 common shares (“Common Shares”) of EnerCare Inc. (“EnerCare”) (TSX:ECI). Based on information provided by the Toronto Stock Exchange, these Common Shares represent approximately 2.04% of the 55,888,711 issued and outstanding Common Shares. The Common Shares were purchased through the facilities of the Toronto Stock Exchange for an average price of $5.82 per share. Funds managed by Octavian have been significant shareholders of EnerCare since 2009, and after giving effect to the purchases made since its previous announcement on April 28, 2011, Octavian now exercises control or direction over an aggregate of 6,781,100 Common Shares. In addition, Octavian exercises control or direction over a cash-settled total return equity swap in relation to 418,900 EnerCare Common Shares. In total, Octavian exercises control or direction over securities representing approximately 12.88% of EnerCare's outstanding Common Shares. Octavian acquired the Common Shares for investment purposes and may, from time to time on an individual or joint basis, acquire additional securities of EnerCare, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position. Subject to applicable law, Octavian may from time to time have discussions with other shareholders of EnerCare and its board of directors and management regarding EnerCare, its prospects and potential means for enhancing shareholder value, including without limitation, with respect to potential changes in the business, strategy or board composition of EnerCare. Octavian may also from time to time initiate or participate in such other actions as it considers necessary to seek to enhance shareholder value at EnerCare, including without limitation, actions intended to cause changes to the business, strategy or board composition of EnerCare. On December 12, 2011, Octavian announced, among other things, that it had delivered a requisition for a special meeting of shareholders. The meeting has been requisitioned for the purpose of expanding EnerCare's Board to ten and adding four nominees nominated by Octavian (such nominees being Richard Hurowitz, Richard Turner, Beth Horowitz and Graham Senst). Further information (including a copy of the early warning report to be filed with Canadian securities regulators in connection with this transaction) can be obtained by contacting: Octavian Advisors, LPRichard Hurowitz745 Fifth AvenueNew York, NY, United States 10022(212) 224-9501 for Octavian Advisors, LPMedia contact:Sard Verbinnen & CoDenise DesChenes or Jonathan Doorley, 212-687-8080