Hedge Fund Pushes Madalena to Speed Argentine Shale Development

Bloomberg – Hedge fund Maglan Capital said it’s starting a campaign to shake up Madalena Energy Inc. (MVN)’s board and strategy after acquiring a stake of almost 10 percent in the Canadian oil and gas producer.

New York-based Maglan said in a press release that it has accumulated a 9.8 percent stake in Madalena, and that it sent a letter to the Calgary-based company urging the sale of assets to raise money for shale projects in Argentina. Madalena should also consider a share repurchase, merger or sale of the company, Maglan said.

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