Palo Alto Investors backs governance and management changes at Gastar Exploration

January 31st, 2010
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After Palo Alto Investors LLC announced their plans to discuss possible changes in Gastar Exploration’s governance and management in a Schedule 13-D filing in November of last year, the activist hedge fund manager gave the firm’s full support for the changes proposed by the company’s Board of Directors in earlier this month. According to a press release, Gastar has separated the roles of Chief Executive Officer and Chairman and appointed John Rooney to the latter position. Gastar’s Board has additionally named Randolph C. Coley a new independent Director who will also sit on Gastar’s corporate governance, nominating, and auditing committees. The Board plans to nominate another independent Director at the 2010 annual shareholder meeting later this year.

Palo Alto Investors is a hedge fund manager that was founded in 1989 by William Edwards. The firm primarily focuses on micro- to small-cap U.S. equities for high-net-worth and institutional investors, earning positive returns by taking advantage of undervalued or overlooked elements of the equity market.

Other notable hedge fund investors that hold Gastar include T. Boone Pickens’ BP Capital Management with 578,500 shares and Jim Simons’ Renaissance Technologies Corporation with 255,661 shares.
For Detailed Investor Profiles on these Investors, click below:
BP Capital Management
Palo Alto Investors
Renaissance Technologies Corporation
Related People: Peter Brown; Robert L. Mercer; Alex Szewczyk; Dr. Anthony Yun; Jim Simons; Robert L. Stillwell; Ronald D. Bassett; T. Boone Pickens; William Edwards
Related Entities: BP Capital Commodity Fund.; BP Capital Equity Fund; Medallion; Nova; Palo Alto Global Energy Fund LP; Palo Alto Healthcare Fund LP; Palo Alto Small Cap Fund LP; Palo Alto Technology Fund; Renaissance Institutional Equities Funds; Renaissance Institutional Management LLC; Renaissance Technologies LLC; Rentec; TBP Investments Management, LLC
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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