PHILADELPHIA, May 2, 2014 /PRNewswire/ -- Pardee Resources
Company (OTC: PDER) (the "Company") announced today the
commencement of an offer to purchase up to 22,600 shares of its
outstanding common stock at a purchase price of $265.50 per share (the "Offer"). The Offer is
being made on the terms and subject to the conditions set forth in
the Purchase Offer Memorandum being mailed to all shareholders. The
Offer will expire at midnight, Eastern time, on June 13, 2014, unless earlier terminated or
extended by the Company.
The Company's Board of Directors has approved the Offer.
However, neither the Company's Board nor its management makes any
recommendation regarding how shareholders should respond to the
Offer.
This announcement is not a recommendation, an offer to purchase
or a solicitation to sell any securities of the Company. The Offer
is being made only by a Purchase Offer Memorandum, a related Letter
of Transmittal and other documents that the Company has begun
distributing to shareholders as of May 2,
2014. Shareholders should read carefully the Purchase Offer
Memorandum and related materials because they contain important
information, including various terms and conditions of the Offer,
and should consult their own investment and tax advisors.
This press release may contain certain forward-looking
statements, including statements with regard to future events or
the future performance or operation of the Company. These
statements are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. While these
forward-looking statements represent our judgments and future
expectations concerning our business, a number of risks,
uncertainties and other important factors could cause actual
developments and results to differ materially from our
expectations. These factors include, but are not limited to:
changes in the economy, risks associated with possible disruption
in the Company's operations or the economy generally due to
terrorism or natural disasters, future changes in laws or
regulations and conditions in the Company's operating area, the
ability to complete the Offer, and the price at which shares of
common stock may trade on the over-the-counter market in the
so-called "pink sheets", which may be higher or lower than the
purchase price in the Offer. As a result, these forward-looking
statements may turn out to be incorrect. We are under no obligation
to (and expressly disclaim any obligation to) update or alter these
forward-looking statements whether as a result of new information,
future events or otherwise.
SOURCE Pardee Resources Company
