Private equity firms Arc Financial Corp. and Encap became the two largest shareholders in Painted Pony Energy at 12.38% each after they sold the Calgary-based oil and gas company one of its portfolio companies, UGR Blair Creek Ltd. The deal closed despite opposition from one of Painted Pony’s largest shareholders, Invesco, who argued the acquisition was expensive because it involved too many of the company’s shares. Invesco saw its stake in Painted Pony reduced to 5.75% from 7.71%. Arc Funds and Encap each......
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