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Thursday, August 28, 2008 |
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ONCO PETROLEUM: Four warring directors split into two marital camps
Shareholder seeks fix
A Windsor businessperson says he's trying to play peacemaker between two warring couples battling for control of London-based Onco Petrol-eum.
"I'm just trying to find common ground," he said. Bilodeau, himself a large shareholder, said he's trying to salvage some value in the embattled company for the good of all shareholders. Earlier this month, Quebec-based directors Berthe Lambert and Richard-Marc Lacasse announced they were assuming control of Onco. They said they were ousting Onco president Robert Vanier and his wife Terri Ramage, claiming the London couple drained the company of $17.3 million. Lambert and Lacasse, of Ste-Foy, Que., said without their knowledge or permission Vanier and Ramage took the money from Onco in repayment of loans, leaving less than $2.5 million in its coffers. Two days later, Vanier broke his longstanding silence to say he is still in control at Onco. He and Ramage own the overwhelming majority of Onco shares. Vanier said it appeared the Quebec couple was trying to engineer a "hostile takeover." He said he was calling a meeting of Onco shareholders for Sept. 18 in London. He said it would be at the Four Points Sheraton Hotel, but staff there say no booking has been made by Onco. Vanier denied he'd taken the $17 million and promised to hold a news conference last week to explain. The news conference was never held. "I'm acting as mediator between both parties, trying to get it fixed," said Bilodeau, the principal of a company called Speedy Money. "I've been negotiating in everybody's best interests." Bilodeau said he's hoping to have some news by next week. The six other directors of Onco have resigned, and trading its shares was banned after the company failed to meet deadlines to produce its annual report for 2007 and other financial reports. Onco went public last November on the junior CNQ exchange, trading at $5 a share. When trading was suspended in July, it had dropped to 15 cents. Chip Martin is a Free Press reporter.
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E-MAIL: Chip Martin