No vote gaining support
Nova Bancorp Reports Growing Opposition to the Pace Arrangement(newsfile)
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2013) - Nova Bancorp Ltd. (“Nova Bancorp”) is very encouraged by the growing opposition to the Pace deal. On January 29, 2013, Nova Bancorp announced its plan to oppose the business combination involving Pace Oil & Gas Ltd., AvenEx Energy Corp. and Charger Energy Corp. (the “Arrangement”). Pursuant to exemptive relief from the Alberta Securities Commission that we obtained in order to execute our plan, Nova Bancorp is permitted to make non-public solicitations to not more than 15 Pace shareholders. Nova Bancorp has spoken with 8 of Pace’s largest shareholders. 7 of these 8 shareholders have advised us that they intend to vote against the Pace Arrangement. In addition, Nova Bancorp has received unsolicited reports from other Pace shareholders who also intend to vote no. There is clearly growing opposition to the Arrangement. Shareholders are not satisfied with the deal or the management of Pace.
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