ENP Newswire -
Release date- 13062014 -
Equal's Board of Directors (the 'Board') recommends in the Circular that Equal Shareholders vote FOR the Arrangement.
Under the Arrangement, Petroflow Sub will acquire all of the outstanding common shares of Equal for
'This all-cash offer plus dividend represents the best value for Equal shareholders and reflects the outcome of a rigorous process undertaken to explore the full range of strategic alternatives to maximize value for shareholders,' said
Equal Shareholders are encouraged to read the Circular and are invited to attend a special meeting of Equal Shareholders, which will be held on
About the Arrangement
The Arrangement is the culmination of a strategic review process conducted by an independent committee of the Board (the 'Special Committee').
The all-cash consideration offered by Petroflow is a 56% premium to the closing price of Equal's shares on
Subsequent to the initial announcement of the Arrangement in
The first dividend payment was made on
The unanimous recommendation by Equal's Board that Equal Shareholders approve the Arrangement follows the work of the Special Committee which considered a full range of strategic alternatives to maximize value for Equal Shareholders. These alternatives included continuing as a going concern, a management buyout, capital acceleration, a corporate sale, an increased return of capital to Equal Shareholders by a dividend distribution or share buyback, a foreign asset income trust, a master limited partnership, and an acquisition by an outside bidder.
Equal's Board encourages Equal Shareholders to VOTE NOW FOR THE ARRANGEMENT to receive the full value of Petroflow's
How to Vote
Your vote is very important, regardless of the number of Equal shares you hold. Equal Shareholders are encouraged to vote as soon as possible.
Any Equal Shareholder who has questions or requires more information about voting of their Equal shares should contact Kingsdale Shareholder Services by toll-free telephone in
In connection with the Arrangement, Equal filed a definitive proxy statement with the
Investors and shareholders may obtain free copies of the definitive proxy statement and other documents filed with the
Equal and its Directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Equal in connection with the Arrangement. Information regarding the interests of these Directors and executive officers in the Arrangement is included in the definitive information circular and proxy statement described above.
Additional information regarding these Directors and executive officers is also included in Amendment No. 1 to Equal's Annual Report on Form 10-K for the year ended
Certain information in this press release constitutes forward-looking statements under applicable securities laws including statements relating to the completion of the Arrangement and payment of consideration and the dividend pursuant to the Arrangement. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as 'may,' 'should,' 'anticipate,' 'expects,' 'seeks' and similar expressions.
Forward-looking statements necessarily involve known and unknown risks, such as risks associated with oil and gas production; marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve and future production estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of dispositions; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters and failure to obtain shareholder approval or to meet other closing conditions for the Arrangement, including the failure of Petroflow to obtain financing for the completion of the Arrangement.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this press release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Equal's operations or financial results are included in Equal's reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the
Furthermore, the forward looking statements contained in this press release are made as of the date of this press release, and Equal does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
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Tel: (405) 242-6000
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Fax: (405) 242-6099
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