CALGARY, ALBERTA--(Marketwired - July 16, 2015) - MENA Hydrocarbons Inc. ("MENA" or the "Company") (TSX VENTURE:MNH) is pleased to announce the final details of its in specie dividend of an aggregate of 167,112,449 shares of SacOil Holdings Ltd. (AIM:SAC)(JSE:SCL) (the "SacOil Share Dividend").
On October 23, 2014 the Company announced that in connection with the final order obtained by the Company on October 10, 2014 in respect of the Company's Plan of Arrangement, the Company intended to distribute a portion of the SacOil shares held by the Company to its shareholders as an in specie dividend. The Company set a record date of October 28, 2014 for the dividend and only shareholders of record as of the close of business on October 28, 2014 are entitled to participate pro rata in the dividend "Eligible Shareholders"). The four month hold period applicable to the SacOil shares expired on February 22, 2015 and the Company is proceeding with the SacOil Share Dividend.
In connection with the SacOil Share Dividend, the Company has engaged Computershare to mail a physical certificate representing your applicable portion of the SacOil Share Dividend issued from SacOil's UK register and sent to the address shown on the register of MENA shareholders maintained by Computershare. Eligible Shareholders are cautioned that they may not be able to trade SacOil Shares represented by physical certificates on the AIM or JSE without first being validly deposited with a broker.
- The estimated distribution date of Eligible Shareholder's allotments is July 31, 2015.
- The aggregate SacOil Share Dividend shall be 167,112,449 SacOil Shares, which entitles each Eligible Shareholder to 0.401375 SacOil Shares for each MENA share held as of the record date. Based on the current SacOil share value each 0.401375 fractional share is valued at 1.0034 cents CAD. The Company will sell 16,554,498 SacOil Shares to fund its current liabilities and working capital requirements.
Eligible Shareholders are strongly cautioned to consult with their broker or investment advisor before completing the Instruction Form.
Eligible Shareholders are cautioned to refer to the Company's management information circular dated September 16, 2014 for more information relating to Canadian income tax considerations and are cautioned to seek the advice of their own financial and legal advisors.
Computershare Investor Services Inc. may be contacted at 1-800-564-6253 (Inside North America) or 1-514-982-7555 (Outside North America) or by e-mail to corporateactions@computershare.com.
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.
Reader Advisory
Certain information set out in this News Release constitutes forward-looking information, including, but not limited to, statements regarding the anticipated payment of the special 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 timing of the payment of the anticipated dividend, the uncertainty of the value of the SacOil Shares 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. Readers are cautioned to review all of the risk factors relating to the Company as described in the Company's most recent management information circular, which are incorporated by reference herein. 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.