GREY:CEQXF - Post by User
Post by
exprohibition18on Sep 13, 2018 5:21pm
74 Views
Post# 28616123
...there goes another junior: Marquee takeout by PPR
...there goes another junior: Marquee takeout by PPR 20% premium is ok but getting PPR shares @ 42 cents with recent Princess success equally interesting.
More consolidation inevitable imho
PRAIRIE PROVIDENT RESOURCES INC. ANNOUNCES STRATEGIC ACQUISITION OF MARQUEE ENERGY LTD. TO UNLOCK SIGNIFICANT UNDEVELOPED LIGHT OIL GROWTH POTENTIAL; CONCURRENT FLOW-THROUGH AND UNIT FINANCING
Prairie Provident Resources Inc. and Marquee Energy Ltd. have entered into an agreement to effect the acquisition of Marquee by way of a plan of arrangement. Under the terms of the arrangement, Marquee shareholders will receive 0.0886 of a Prairie Provident Resources common share for each Marquee share. Based on Prairie Provident Resources' closing price of 42 cents on Sept. 12, 2018, the exchange ratio translates to 3.7 cents per Marquee common share, representing a 24-per-cent premium to Marquee's closing price on Sept. 12, 2018. The total consideration, including Marquee's net debt of $39-million, is approximately $55-million. The arrangement includes a reciprocal break fee of $2.5-million.