BANKERS PETROLEUM ANNOUNCES
CLOSING OF PLAN OF ARRANGEMENT TRANSACTION
CALGARY, September 29, 2016 – Bankers Petroleum Ltd.
(“Bankers” or the “Company”) (TSX: BNK, AIM: BNK) is pleased to
announce, with effect from today, the closing of its previously
announced plan of arrangement (the “Arrangement”) with affiliates
of Geo-Jade Petroleum Corporation (collectively, “Geo-Jade”).
Pursuant to the Arrangement, Geo-Jade has acquired all the
issued and outstanding common shares of Bankers (the “Bankers
Shares”) through its affiliates for a cash price of C$2.20 per Bankers Share. It is expected that the
Bankers Shares will be delisted from the Toronto Stock Exchange
(“TSX”) in approximately three to four business days. The Bankers
Shares will also be delisted from the AIM market of the London
Stock Exchange and this cancellation of the AIM Bankers Shares is
expected to occur at 8:00 am BST on
30 September 2016.
Bankers understands that beneficial shareholders, who hold their
common shares through an intermediary such as a bank, broker or
investment firm, should expect to receive payment approximately
five to seven business days after closing.
Registered shareholders of Bankers, who have not already done
so, should submit their certificates representing their Bankers
Shares along with a completed letter of transmittal to Alliance
Trust Company, in order to receive the consideration they are
entitled to pursuant to the Arrangement. Registered shareholders
are those that hold a physical certificate representing their
Bankers Shares. Letters of transmittal were previously sent to
registered Shareholders of Bankers and additional copies may be
obtained by contacting Alliance Trust Company at 1-877-537-6111 or
by emailing inquiries@alliancetrust.ca. Shareholders who hold their
shares in a brokerage account should contact their investment
adviser in connection with submitting their Bankers Shares for
payment.
FirstEnergy Capital LLP acted as financial advisor to Bankers in
connection with the Arrangement. McCarthy Tétrault LLP acted as
legal advisors to Bankers with respect to the Arrangement.
Further details regarding the Arrangement can be found in the
Management Information Circular dated April
19, 2016 prepared in connection with the Arrangement and the
addendum thereto, each filed on SEDAR at www.sedar.com.
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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.
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 delisting of the Bankers Shares and the anticipated
timing of payment to holders of Bankers Shares of the consideration
payable pursuant to the Arrangement. By their nature,
forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond Bankers' control. The
foregoing list is not exhaustive. 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.
For further information, contact:
David French President and Chief
Executive Officer (403) 513-6930
Doug Urch Executive VP, Finance
and Chief Financial Officer (403) 513-2691
Laura Bechtel Investor Relations
and Corporate Communications Specialist (403) 513-3428
Email: investorrelations@bankerspetroleum.com
Website: 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
(BNK. BNK)