Stratic Announces Court Approval of Proposed Plan
04 Novembre 2010 - 6:15PM
UK Regulatory
TIDMSE.
RNS Number : 6654V
Stratic Energy Corporation
04 November 2010
NEWS RELEASE
Stratic Announces Court Approval of
Proposed Plan of Arrangement with
EnQuest PLC
CALGARY and LONDON, November 4, 2010 - Stratic Energy Corporation (TSX Venture:
'SE', AIM: 'SE.') ("Stratic" or the "Company") announces that the Supreme Court
of Yukon has today granted a final order approving the previously announced plan
of arrangement (the "Arrangement") with EnQuest PLC ("EnQuest") under the
Business Corporations Act (Yukon). The Arrangement provides for the acquisition
by EnQuest of all of the issued and outstanding Stratic shares in exchange for
ordinary shares of EnQuest on the basis of 0.089626 of an EnQuest share for each
Stratic share. Today's court order follows the approval of the Arrangement by
the Company's shareholders at a special meeting held on November 2, 2010.
Having now received all necessary shareholder, court and other approvals the
Arrangement is scheduled to be completed after close of markets on November 5,
2010. Upon completion the Company will become a wholly-owned subsidiary of
EnQuest and all Stratic shareholders will be entitled to receive EnQuest shares
in exchange for their Stratic shares based on the exchange ratio of 0.089626 of
an EnQuest share for each Stratic share. Accordingly, the Company has taken
steps to cause the Stratic shares to be delisted from the TSX Venture Exchange
and their admission to trading on the Alternative Investment Market ("AIM") of
the London Stock Exchange to be cancelled as soon as practicable following
completion, which steps are anticipated to result in the Stratic shares ceasing
to trade on either such market after the date of completion.
Details of the Arrangement and the business of EnQuest are contained in the
Information Circular and Proxy Statement of Stratic dated September 28, 2010.
Copies of the Information Circular and Proxy Statement, together with the letter
of transmittal by which registered shareholders of the Company may surrender the
certificates representing their Stratic shares in exchange for the EnQuest
shares issuable under the Arrangement, were posted to shareholders and are also
available electronically on SEDAR at www.sedar.com and the Company's website at
www.straticenergy.com.
For further information contact:
Company:
Kevin Watts, President and Chief Executive Officer
+44 20 7766 7900
John van der Welle, Chief Financial Officer
+44 20 7766 7900
Mark Bilsland, Chief Operating
Officer +44 20 7766 7900
Public and investor relations:
Patrick d'Ancona, M:Communications (London)
+44 20 7920 2347
Roger Fullerton (Canada)
+1 952 929 7243
Email:
roger.fullerton@straticenergy.com
Financial advisor and NOMAD:
David Kotler, Lazard
+44 20 7187 2000
Nick Fowler, Lazard
+44 20 7187 2000
Website: www.straticenergy.com
Notes to Editors:
EnQuest (www.enquest.com) is an independent oil and gas production and
development company focused on the UK Continental Shelf ("UKCS"). On 6 April
2010 EnQuest was formed from the demerged UK North Sea assets of Petrofac
Limited and Lundin Petroleum AB. The EnQuest shares are listed on the London
Stock Exchange and on the NASDAQ OMX Stockholm and are included in the FTSE250
and OMX Nordix index on the respective exchanges. EnQuest is completely
unrelated to the company EnQuest Energy Services Corp., which was formerly
listed on the TSX Venture Exchange.
Reader Advisories:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release does not constitute or form part of an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, securities to
any person to whom or in any jurisdiction in which such offer, solicitation or
sale would be unlawful. The securities to be offered have not been and will not
be registered under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws, and may not be offered or
sold in the United States or to or for the account or benefit of a U.S. person
unless registered under the U.S. Securities Act and applicable state securities
laws or pursuant to an available exemption from, or in a transaction not subject
to, the registration requirements thereof.
Certain statements made herein constitute forward-looking statements, including
statements concerning the scheduled completion of the Arrangement and the
anticipated delisting the Stratic shares from the TSX Venture Exchange and
cancellation of their admission to trading on AIM. Although the Company
believes these statements to be reasonable, the assumptions upon which they are
based may prove to be incorrect.
Completion of the Arrangement is subject to a number of conditions precedent as
more particularly described in the Information Circular and Proxy Statement of
Stratic dated September 28, 2010. The Arrangement could be delayed if any
condition to closing is not satisfied on expected timelines and may not be
completed at all if any such condition cannot be satisfied. There can be no
assurance that the Arrangement will be completed as proposed, or at all.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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