Penn Virginia Holder Raises His Voice Again

Penn Virginia Corp.’s largest shareholder, Third Point Management, is making noise again. But sources predicted that unless the hedge fund gains control of Penn’s board, it will be business as usual for the oil-and-gas company. In an Oct. 18 13DA, Daniel Loeb, head of New York-based Third Point, which owns 9.8% of the $290 million market cap exploration-and-production company, filed his latest salvo. In a lengthy letter to Penn Chief Executive Officer James Dearlove, Loeb expresses his disappointment in the company’s market valuation and offers two strategic suggestions: repurchase stock and hire an investment bank to evaluate options, including a sale. Loeb also complains about Penn’s poison pill, which he says the company recently altered to include a dead-hand provision.