Ccord timeline
Longview Oil* (LNV : TSX : $5.10) Net Change: 0.05, % Change: 0.99%, Volume: 285,251 SAD NEWS. On Monday, Longview Oil announced the sudden passing of Kelly Drader, the President and CEO and a director of the company. Longview has appointed Steven Sharpe, Chairman, the interim CEO of the company. Moreover, Advantage Oil & Gas' (AAV) secondary offering, the sale of 21,150,010 common shares of Longview (representing a 45.1% interest in the company) to a syndicate of underwriters at a price of C$4.45 per share for gross proceeds of C$94.1 million, is due to close on Friday, February 28, 2014. Upon closing, the unnamed public oil & gas company which has taken a total of 9.3 million Longview shares under the secondary (representing approximately 19.8% of the issued and outstanding Longview shares), should reveal itself. Last week, Longview's Board of Directors appointed a Special Committee of independent directors and retained a Bay Street banker to assist it in considering the proposal. Longview reports, "After careful consideration of the matter, and upon receiving the advice of its financial and legal advisors, the Special Committee determined that it could not properly evaluate the transaction outlined in the Proposal without an exchange and review of confidential information by both parties. Longview and the Interested Party engaged in negotiations with respect to a confidentiality and standstill agreement in order to facilitate an exchange of confidential information. Although the parties finalized the terms of the confidentiality and standstill agreement, the Interested Party was unwilling to execute it. The Proposal has now expired and the parties are not currently in discussions."