Pace Oil & Gas Ltd T.PCE

The Vote

[deisman]

Bigger opposition is starting to make its intentions known.

Nova Bancorp to Vote Against Pace Business Combination (newsfile)

 

Vancouver, British Columbia--(Newsfile Corp. - January 29, 2013) - Nova Bancorp Ltd. (“Nova Bancorp”) announced today that an affiliate, that has been a shareholder of Pace Oil & Gas Ltd. (“Pace”) since 2010, plans to vote against the proposed business combination ....................

 

Still think a PCE + AVF merger might be possible.

[echo2]

Nova Bancorp's full message and analysis will apparently be out Friday. These guys are activist investors, and not at all happy with the inclusion of Charger in this deal, as the latter smells of Woods throwing a worthless Charger's execs, especially Buchanan, a life line, as Buchanan did to Midnight Oil to create Pace. They, as many of us here, feel there is far more value in PCE than

[uograd]

I voted against the deal the minute I read the info circ and saw that $25,200,000 was being paid out for miscellaneous costs such as severance and director packages.   So essentially you have a bunch of guys at Charger that ran their company into the ground and are being rewarded for their inefficiecy with generous packages etc.  All they had to do wait another 6 months and they could

[jacek99]

Would you vote yes to do the deal if everything was the same but only between Avenex and Pace?  Is charger the downer in this deal?  

[76Monte]

I found an interesting article re merger & vote: https://www.calgaryherald.com/business/Proxy+fight+launched+Pace+Charger+AvenEx+deal/7894709/story.html Cheers!

[echo2]

uograd, where did you see the number of 25 Million for severance and director packages in the circular. I noted the $2,385,000 to 4 AvenEx Execs as per severance and for shares and options (275,000 + 783,800) x $2.67 (AVF price Jan 16) or $2,827,000 and to Woods and other PCE execs $4,231,250 severance and cash for +- shares and options $1,293,000. These appear to total $10,736,000 and  

[deisman]

I believe uograd stated "being paid out for miscellaneous costs such as severance and director packages." The $25.2 million is "Transaction costs"  Check out pages 20. 112 & 113 of the circular. The pro forma net debt calculation incorporates estimated cash proceeds from the Elbow River Transaction of $80 million and estimated transaction costs of theArrangement of $25

[rad10]

" This little piggy went to market....................."  The faux naivety and astonishment is laughable.

[echo2]

Thanks! WKH