Shareholders rights PETROAMERICA ADOPTS SHAREHOLDER RIGHTS PLAN
Petroamerica Oil Corp.'s board of directors has approved the adoption of a shareholder rights plan. The plan is designed to ensure that the company's shareholders are treated fairly in the event of a takeover bid for the company's common shares, and that the company's board of directors and shareholders will have adequate time to evaluate any unsolicited takeover bid and, if appropriate, to evaluate and pursue other alternatives to maximize shareholder value.
The plan was not adopted in response to any actual or threatened takeover bid or other proposal from a third party to acquire control of Petroamerica.
The plan is effective as of Sept. 14, 2011, and has been executed by Petroamerica and the rights agent, Computershare Trust Company of Canada. However, in accordance with the requirements of the TSX Venture Exchange, Petroamerica's shareholders will be asked to confirm the plan at the next meeting of shareholders, and in any event not later than March 13, 2012. If approved by shareholders, the plan will be in effect until the annual meeting of the shareholders in 2014.