NEWS OUT! MENA Hydrocarbons Announces Shareholder and Court Approval for Transaction With Sacoil Holdings Limited
CALGARY, ALBERTA--(Marketwired - Oct. 16, 2014) - MENA Hydrocarbons Inc. ("MENA" or the "Company") (TSX VENTURE:MNH) ("MENA" or the "Company") is pleased to announce that it has received final approval from the Alberta Court of Queen's Bench on its proposed plan of arrangement (the "Arrangement") involving the sale of the Company's Lagia Project and the payment of an in specie dividend of ordinary shares of SacOil Holdings Limited (JSE:SCL; AIM:SAC) ("SacOil") to be issued to MENA, all as more particularly disclosed in the Company's management information circular dated September 16, 2014.
At the shareholder meeting held on October 10, 2014, the shareholders of the Company overwhelmingly approved the Arrangement, with over 99% of the shares represented at the shareholder meeting voted in favour of the Arrangement.
Assuming that all other closing conditions are met, it is expected that the Arrangement will close on or about October 22, 2014. The Company also expects that the record date for the payment of the in specie dividend of SacOil ordinary shares will be set as October 22, 2014. As a result, registered holders of the Company's common shares on October 22, 2014 would be entitled to receive SacOil ordinary shares. Additional information regarding the distribution of the SacOil shares and confirmation of the official record date will be announced in due course.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set out in this News Release constitutes forward-looking information, including, but not limited to, statements regarding the anticipated closing date of the Arrangement and the anticipated record date for the payment of the in specie dividend. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to, the ability of the Company to complete the Arrangement and to satisfy the conditions precedent thereto, the uncertainty of the value of the non-cash consideration anticipated to be received and the ability of the Company to satisfy its liabilities, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve or resource estimates, health and safety risks and the uncertainty of estimates and projections of costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company does not undertake to update any forward-looking statements except as required by law.
Magdy Bassaly
President and Chief Executive Officer
+1(714) 713-6534 or Cell 2 01 222 101582
m.yousef@menahc.com
www.menahydrocarbons.com
MENA Hydrocarbons Inc.
5 Hassan Hafez Street
Saraia Elqoba, Cairo Egypt