Magellan Petroleum, ANS Investment settlement ends proxy battle

By Lisa Kerner

Charlotte, N.C., May 11 - Magellan Petroleum Corp. said it reached a settlement agreement with ANS Investments LLC and its chief executive officer, Jonah M. Meer, effectively terminating ANS' proxy solicitation efforts.

The ANS parties agreed to withdraw their nomination of Meer as a director candidate as well as their other proposals and to end all proxy solicitation efforts, according to a company news release.

Under the agreement, ANS will support Magellan Petroleum's proposals and vote its shares in favor of the proposals at the Hartford, Conn., oil and gas company's annual meeting.

Magellan Petroleum said it will reimburse the ANS parties up to $125,000 for their legal and other expenses incurred related to their proxy solicitation efforts.

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