Antares Energy executive chairman James Cruickshank said last night he was confident of surviving an attempt by dissident shareholder Lone Star Value Investors today to roll the board of the $163 million Perth company.
Antares shares yesterday resumed trading after a two-day halt and soared 5c to 64c, though on takeover speculation rather than anticipation of the outcome of Lone Star showdown.
Lone Star, holding 6.3 per cent, has called the meeting at which shareholders will vote on resolutions to dump two Antares directors and replace them with five Lone Star nominees.
Much focus will be on Antares' biggest shareholder Schroder Investment (13.6 per cent).
Mr Cruickshank said "we are now confident" but has further angered Lone Star by not releasing more details of a mystery takeover approach.
Having flagged the approach on Thursday, sparking the trading halt, Antares yesterday only said the proposal from an unnamed party was "confidential, unsolicited, indicative and incomplete" and would require more work between the two sides.
Lone Star is furious and believes the takeover talk is a diversion by Antares to confuse other shareholders ahead of today's vote.
It has taken its complaint to the Australian Securities Exchange.