Progress Energy Resources Corp. announced that the holders of common shares of Progress have approved the proposed acquisition of Progress by PETRONAS Carigali Canada Ltd. pursuant to a plan of arrangement under the Business Corporations Act. Under the Arrangement, holders of common shares will receive $22.00 in cash per common share held.
The Arrangement was approved by approximately 99.85% of the votes cast by Progress shareholders present or represented by proxy at the special meeting of securityholders held today. The Arrangement was also approved by approximately 99.99% of the principal amount of the 2014 Debentures and 99.98% of the principal amount of the 2016 Debentures voted on the Arrangement resolution. Assuming an effective date of September 25 2012, the cash consideration under the Arrangement for each $1,000 principal amount of debentures, excluding accrued interest and notional interest, is approximately $1,265 for the 2014 Debentures and $1,213 for the 2016 Debentures.
Progress also announced that PETRONAS Canada and Progress have received a No-Action Letter from the Commissioner of Competition under the Competition Act with respect to the Arrangement. The No-Action Letter confirms that the Commissioner has reviewed the Arrangement and concluded that she does not, at this time, intend to make an application for a remedial order under section 92 of the Act.
LNG World News Staff, August 30, 2012