Tennessee-based coal producer Xinergy Ltd. (TSX: XRG) announced May 24 the re-election of five members to its Board of Directors at the company’s May 22 annual shareholders meeting, with Stephen Loukas and Jay Thornton also elected to the board for the first time.
The re-elected directors are: Todd Swanson, Chairman of the Board; Matthew Goldfarb, Interim CEO; Bernie Mason, President; Robert Metcalfe; and David Smith. The addition of Loukas and Thornton brings the board to seven members.
“Both Stephen and Jay have extensive experience in the energy markets and we welcome their insight to our Board,” said Swanson.
“Jay and I believe that an extraordinary opportunity exists over the next few years to create significant shareholder value at Xinergy. We look forward to working with the Board and management on executing the Company’s growth initiatives,” said Loukas.
Loukas has been a Managing Member and Portfolio Manager of FrontFour Capital Group LLC, an investment management firm investing in both Canadian and U.S. securities since February 2009. Prior to joining FrontFour, from May 2006 to February 2009, Loukas was a Director at Credit Suisse Securities where he was a Portfolio Manager and Head of Investment Research of the Multi-Product Event Proprietary Trading Group across the group’s three trading strategies: merger arbitrage, value, event-driven equities and distressed debt. Loukas was previously a senior investment analyst at Pirate Capital LLC, an event-driven hedge fund, from January 2005 to March 2006.
Thornton has over 28 years of oil and gas experience. He spent the first part of his career in various management positions with Shell. Over the past 12 years, he has held various operating and corporate executive positions with Suncor Energy, Canada’s largest integrated energy company.
Headquartered in Knoxville, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in eastern Kentucky, West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers and industrial companies.