Bankers Petroleum Limited Bankers Petroleum Approval for Proposed Arrangement
September 09 2016 - 12:54PM
UK Regulatory
TIDMBNK
BANKERS PETROLEUM ANNOUNCES SAFE APPROVAL FOR PROPOSED ARRANGEMENT
CALGARY, September 9, 2016 - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that the proposed plan
of arrangement (the "Arrangement") with affiliates of Geo-Jade Petroleum
Corporation ("Geo-Jade") has received Chinese State Administration of Foreign
Exchange (SAFE) approval. At this time the required regulatory approvals for
the completion of the Arrangement have been received. Bankers anticipates
completion of the Arrangement to occur in the coming weeks, and prior to
September 30, 2016. A further announcement will be made once exact timing of
the ?completion has been established.
Pursuant to the Arrangement, Geo-Jade will acquire all the issued and
outstanding common shares of Bankers ("Bankers Shares") through its affiliates
at a cash price of C$2.20 per Bankers Share. Following a successful completion
of the Arrangement the Bankers Shares will be delisted from the Toronto Stock
Exchange ("TSX") and the AIM market of the London Stock Exchange.
------------
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on developing large oil and gas reserves in Albania
and Eastern Europe. In Albania, Bankers operates and has the full rights to
develop the Patos-Marinza heavy oilfield, has a 100% interest in the Kuçova
oilfield, and a 100% interest in Exploration Block "F". In 2015 Bankers
acquired an 85% interest in the rights to explore the Püspökladány Block
concession within the Pannonian Basin located in north eastern Hungary. The
Bankers Shares are traded on the TSX and the AIM Market in London, England
under the stock symbol BNK.
For further information, contact:
David President and Chief Executive Officer (403) 513-6930
French
Doug Urch Executive VP, Finance and Chief Financial Officer (403) 513-2691
Laura Investor Relations and Corporate Communications (403) 513-3428
Bechtel Specialis
Email: investorrelations@bankerspetroleum.com
Website: http://www.bankerspetroleum.com/
AIM NOMAD:
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor
+44 0 207 523 8000
AIM BROKER AND FINANCIAL ADVISOR:
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200
The information communicated in this announcement is inside information for the
purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR").
Caution Regarding Forward-looking Information
Certain information set forth in this press release, including information and
statements which may contain words such as "could", "plans", "intends"
"should", "anticipate", "expects", "will", "propose", "opportunity", "future",
"continue", and similar expressions and statements relating to matters that are
not historical facts, contain forward-looking statements, including but not
limited to statements regarding: the proposed Arrangement, the anticipated
timing of closing and the delisting of the Bankers Shares following completion
of the Arrangement. By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Bankers' control.
Completion of the Arrangement is subject to a number of conditions which are
typical for transactions of this nature. Failure to satisfy any of these
conditions or the emergence of a superior proposal may result in the
termination of the arrangement agreement dated March 19, 2016 providing for the
Arrangement. The foregoing list is not exhaustive. Additional information on
these and other risks that could affect completion of the Arrangement is set
forth in the management information circular of Bankers dated April 19, 2016 in
respect of a special meeting of the shareholders of Bankers held on May 31,
2016 to approve the Arrangement, which is available on SEDAR at www.sedar.com.
Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The actual results, performance or achievement of
Bankers could differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that Bankers will derive
therefrom. Bankers disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities laws.
END
(END) Dow Jones Newswires
September 09, 2016 12:54 ET (16:54 GMT)
Bankers Pet (LSE:BNK)
Historical Stock Chart
From Jul 2024 to Aug 2024
Bankers Pet (LSE:BNK)
Historical Stock Chart
From Aug 2023 to Aug 2024