CALGARY, April 20, 2016 /CNW/ - Bankers Petroleum Ltd. CALGARY, April 20, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to announce that it has filed its Management Information Circular (the "Circular") and related proxy materials on SEDAR and its website (www.bankerspetroleum.com), in advance of the Company's special meeting of shareholders to be held on May 31, 2016 (the "Special Meeting"). The purpose of the Special Meeting is to seek approval of the proposed plan of arrangement (the "Arrangement") with affiliates of Geo-Jade Petroleum Corporation ("Geo-Jade").
As previously announced on March 20, 2016, Bankers has entered into a definitive agreement (the "Arrangement Agreement") with affiliates of Geo-Jade for the purchase of all the issued and outstanding common shares of Bankers ("Bankers Shares") at a cash price of C$2.20 per Bankers Share. If approved at the Special Meeting, closing of the Arrangement remains on track to occur in lateJune 2016, following which, the Bankers Shares will be delisted from the Toronto Stock Exchange ("TSX") and the AIM market of the London Stock Exchange.
Bankers' shareholders of record on April 19, 2016 will receive notice of and be entitled to vote at the Special Meeting. The Arrangement must be approved by the holders of not less than 66% of the Bankers Shares present in person or represented by proxy at the Special Meeting. Shareholders are encouraged to read the Circular as it provides important information about Bankers and the Arrangement.
Benefits of the Arrangement include:
- Cash price of C$2.20 per Bankers Share
- Bankers debt will be handled separately by the purchasing Company and will not affect the stated purchase price of $2.20 per Bankers Share
- The Arrangement is an opportunity for shareholders to crystalize value representing a premium of 98% over Bankers' closing share price on the TSX of C$1.11 on March 18, 2016, and 109% over the 30-trading day volume weighted average trading price of Bankers Shares of C$1.05 per share ending on March 18, 2016
- The Arrangement has received the unanimous approval of the Board of Directors of Bankers and carries the full support of Bankers' Management team
Shareholder Voting:
Bankers' Board of Directors unanimously recommends that shareholders vote in favor of the Arrangement.
Shareholders who have questions regarding the Arrangement or require assistance with voting may contact the Proxy Solicitation Agent below:
Laurel Hill Advisory Group
Toll Free: 1-877-452-7184
International: +1 416-304-0211 outside Canada and the US