DAY Ceridian HCM Holding Inc

Daylight Energy Ltd. ("Daylight") (TSX:DAY) is pleased to announce that the
holders of Daylight's 6.25% series "D" convertible debentures (the "Series D
Debentures") have approved the special resolution relating to the proposed
acquisition of Daylight by Sinopec International Petroleum Exploration and
Production Corporation ("SIPC") pursuant to a plan of arrangement under the
Business Corporations Act (Alberta) (the "Arrangement"). The approval was
obtained at the adjourned special meeting of Daylight securityholders today, at
which holders of approximately 74.29% of the aggregate principal amount of the
Series D Debentures voted in favour of the Arrangement, with holders of only
0.86% voting against. As a result, holders of Series D Debentures will
participate in the Arrangement along with Daylight shareholders, who had
previously approved the Arrangement on December 5, 2011 prior to the adjournment
of the special meeting of securityholders. Under the Arrangement, holders of
Series D Debentures will receive a cash payment of $1,110 per $1,000 principal
amount of Series D Debentures, plus accrued and unpaid interest up to, but
excluding, the closing date of the Arrangement. The Final Order in respect of
the Arrangement was also granted today by the Court of Queen's Bench of Alberta.


The closing of the Arrangement remains subject to receipt of required regulatory
approvals and the satisfaction or waiver of the other conditions specified in
the arrangement agreement among Daylight, SIPC and an indirect wholly-owned
subsidiary of SIPC entered into on October 9, 2011. 


ABOUT DAYLIGHT ENERGY 

Daylight is a growing intermediate oil and liquids rich natural gas producing
company with a high quality suite of resource play assets in Western Canada.
Daylight has approximately 213.5 million common shares currently outstanding
which trade on the TSX under the symbol "DAY". Daylight's Series C and Series D
Debentures also trade on the TSX under the symbols DAY.DB.C and DAY.DB.D,
respectively.


All amounts stated herein are in Canadian dollars.

ADVISORY:

Forward-Looking Information and Statements 

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking statements or
information. More particularly and without limitation, this press release
contains forward-looking statements and information concerning the anticipated
receipt of required regulatory approvals for the Arrangement and the ability of
Daylight and SIPC to satisfy the other conditions to, and to complete, the
Arrangement. 


In respect of the forward-looking statements and information concerning the
anticipated completion of the proposed Arrangement, Daylight has provided such
in reliance on certain assumptions that it believes are reasonable at this time,
including assumptions as to the ability of the parties to receive, in a timely
manner, the necessary regulatory and other third party approvals, including but
not limited to approvals required to be obtained by SIPC from the Government of
The People's Republic of China and Investment Canada Act approval; and the
ability of the parties to satisfy, in a timely manner, the other conditions to
the closing of the Arrangement. 


Risks and uncertainties inherent in the nature of the Arrangement include the
failure of Daylight or SIPC to obtain necessary regulatory and other third party
approvals, or to otherwise satisfy the conditions to the Arrangement, in a
timely manner, or at all. Failure to so obtain such approvals, or the failure of
Daylight or SIPC to otherwise satisfy the conditions to the Arrangement, may
result in the Arrangement not being completed on the proposed terms, or at all.
In addition, the failure of Daylight to comply with the terms of the Arrangement
Agreement may result in Daylight being required to pay a non-completion or other
fee to SIPC, the result of which could have a material adverse effect on
Daylight's financial position and results of operations and its ability to fund
growth prospects and current operations. 


Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on other factors that could affect the operations or
financial results of Daylight are included in reports on file with applicable
securities regulatory authorities, including but not limited to: Daylight's
Annual Information Form for the year ended December 31, 2010, Daylight's Notice
of Annual General Meeting and Information Circular and Proxy Statement dated
April 14, 2011 and Daylight's Notice of Special Meeting and Information Circular
and Proxy Statement dated November 1, 2011, each of which may be accessed on
Daylight's SEDAR profile at www.sedar.com.


The forward-looking statements and information contained in this press release
are made as of the date hereof and Daylight undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.

Ceridian HCM (TSX:DAY)
Historical Stock Chart
From Oct 2024 to Nov 2024

Ceridian HCM (TSX:DAY)
Historical Stock Chart
From Nov 2023 to Nov 2024