CALGARY, ALBERTA -- (Marketwired) -- 06/21/13 -- Kulczyk Oil Ventures Inc. ("KOV" or the "Company) is pleased to announce the results of its annual general and special meeting of the holders ("KOV Shareholders") of common shares held June 20, 2013 to consider and vote on, among other things, a change in the name of the Company from "Kulczyk Oil Ventures Inc." to "Serinus Energy Inc." (the "Name Change") and a share-consolidation on the basis of one post-consolidation common share for every ten pre-consolidation common shares (the "Share Consolidation").
Approval of Name Change and Consolidation
By special resolutions passed at the meeting of KOV Shareholders, the Name Change and the Share Consolidation were each approved by KOV Shareholders. The Name Change and the Share Consolidation will be implemented after closing of the previously announced plan of arrangement (the "Arrangement"), under the Business Corporations Act (Alberta), involving KOV, Winstar Resources Ltd. ("Winstar"), holders of common shares of Winstar and Kulczyk Investments S.A., pursuant to which KOV will acquire all of the issued and outstanding common shares of Winstar (the "Acquisition").
Approval of Arrangement
The Company understands that, also on June 20, 2013, the shareholders of Winstar passed a special resolution approving the Arrangement and an ordinary resolution approving the KOV stock option plan. The approval of the resolution approving the Arrangement is a condition to the completion of the Arrangement.
Update on Timing of Completion of Arrangement
The Final Order hearing in respect of the Arrangement was scheduled to occur at the Calgary Courts Centre today, June 21, at 10:00 a.m. Due to widespread flooding and corresponding evacuations in downtown Calgary, the Final Order hearing has been rescheduled to Monday, June 24 at 3:00 p.m. at the Calgary Courts Centre. KOV anticipates that the Arrangement will close on or about June 24, 2013 following receipt of the Final Order. Thereafter, it is expected that the consolidated common shares of the Company (under its new name, Serinus Energy Inc.) will begin trading on the Toronto Stock Exchange (the "TSX") on or about the day that is three business days following completion of the Arrangement, subject to the Company fulfilling all of the remaining listing conditions of the TSX.
Vote Results on Other Matters
Other matters before the meeting are described more fully in the management proxy circular dated May 21, 2013. KOV Shareholders voted for the appointment of KPMG LLP as KOV's auditors until the close of the next annual meeting of KOV Shareholders. The following individuals were also re-elected as the directors of KOV for the ensuing year: Timothy M. Elliott, Norman W. Holton, Gary R. King, Manoj N. Madnani, Michael A. McVea, Dariusz Mioduski, Helmut J. Langanger and Stephen C. Akerfeldt. It is expected that Bruce Libin, the current Chairman of Winstar, and Evgenij Iorich, a current director of Winstar, will each be appointed as non-executive directors of KOV upon completion of the Arrangement.
KOV is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Brunei and Syria and with a risk profile ranging from exploration in Brunei and Syria to production and development in Ukraine. The common shares of the Company trade on the Warsaw Stock Exchange under trading symbol "KOV".
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