RE:RE:OfferThe offer will be increased. The fairness of the verbal opinion was valid only
as of the date of such opinion and the base on the market conditions at that time.
The deal shall be renegotiated and I3e wants TEI
I3e energy has up to June 29,2020 to exercise its option, a day before the I3e annual meeting.
i3 Energy may exercise its option at anytime and in their sole discretion prior to June 30, 2020
2/3 of TEI shareholders approval is required
The Arrangement will also be subject to approval by the Court of Queen's Bench of Alberta FROM:
https://stockhouse.com/news/press-releases/2020/03/30/toscana-energy-enters-into-an-option-agreement-with-i3-energy-plc-and-announces subject to customary closing conditions, including approval of the Arrangement by the shareholders of Toscana, and the terms of the Arrangement Agreement. Pursuant to the Option Agreement,
i3 Energy may exercise its option at anytime and in their sole discretion prior to June 30, 2020 by delivering a signed copy of the Arrangement Agreement to Toscana along with written notice requesting that the Arrangement Agreement be counter-signed by Toscana, upon receipt of which Toscana shall, within seven (7) days, counter-sign and deliver such Arrangement Agreement to i3 Energy.
Toscana shareholders will receive 0.0281 of an i3 Energy ordinary share for each Toscana common share.
the Toscana Board (subject to the standard assumptions, qualifications and limitations) that,
as of the date of such opinion, the consideration to be received by holders of the Toscana Shares pursuant to the terms of the Arrangement is fair, from a financial point of view (the "
Fairness Opinion").
Subject to the exercise by i3 Energy of the option provided for under the Option Agreement, the Arrangement will be subject to the approval by two-thirds of the votes cast by holders of Toscana Shares present in person or by proxy at an annual and special shareholders meeting called to consider, among other things, the Arrangement.
In addition to shareholder approval, closing of
the Arrangement will also be subject to approval by the Court of Queen's Bench of Alberta, the receipt of applicable regulatory approvals and satisfaction of certain other closing conditions customary in transactions of this nature.