Stratic Announces Closing of Plan of Arrangement
November 08 2010 - 2:00AM
UK Regulatory
TIDMSE. TIDMENQ
RNS Number : 7299V
Stratic Energy Corporation
08 November 2010
NEWS RELEASE
Stratic Announces Closing of
Plan of Arrangement with EnQuest PLC
CALGARY and LONDON, November 8, 2010 - Stratic Energy Corporation (TSX Venture:
'SE', AIM: 'SE.') ("Stratic" or the "Company") announces closing of the
previously announced plan of arrangement (the "Arrangement") with EnQuest PLC
(LSE: ENQ and NASDAQ OMX Stockholm: ENQ) ("EnQuest") under the Business
Corporations Act (Yukon), which was completed and became effective after close
of markets on Friday, November 5 and resulted in EnQuest acquiring all of the
issued and outstanding Stratic shares in exchange for ordinary shares of EnQuest
on the basis of 0.089626 of an EnQuest share for each Stratic share.
Upon the Arrangement becoming effective all of the issued and outstanding
Stratic shares were transferred to EnQuest and the Company became a wholly-owned
subsidiary of EnQuest. All Stratic shareholders immediately prior to the
effective time of the Arrangement are entitled to receive EnQuest shares in
exchange for their Stratic shares based on the above exchange ratio.
Further trading in Stratic shares will be halted on the TSX Venture Exchange
pending formal delisting, and the admission to trading of Stratic shares on the
Alternative Investment Market of the London Stock Exchange will be cancelled
effective November 8, 2010. The EnQuest shares issued under the Arrangement are
expected to be admitted to trading on the London Stock Exchange effective
November 8, 2010 and as a consequence also tradeable on the NASDAQ OMX
Stockholm.
The Company's board of directors and management team has been reconstituted with
nominees of EnQuest.
Details of the Arrangement and the business of EnQuest are contained in the
Information Circular and Proxy Statement of Stratic dated September 28, 2010.
Copies of the Information Circular and Proxy Statement, together with the letter
of transmittal by which registered shareholders of the Company may surrender the
certificates representing their Stratic shares in exchange for the EnQuest
shares issuable under the Arrangement, were posted to shareholders and are also
available electronically on SEDAR at www.sedar.com and the Company's website at
www.straticenergy.com.
Interested parties are also referred to today's announcement by EnQuest
regarding completion of the Arrangement.
Bennett Jones LLP acted as legal counsel to Stratic and Blake, Cassels & Graydon
LLP acted as legal counsel to EnQuest.
For further information contact:
Stratic c/o EnQuest PLC Tel: +44 (0)20 7925
4900
Amjad Bseisu (Chief Executive Officer)
Jonathan Swinney (Chief Financial
Officer)
Michael Waring (Head of Communications & Investor Relations)
Finsbury Tel: +44
(0)20 7251 3801
Andrew Mitchell
Conor McClafferty
Lazard & Co., Limited (NOMAD) Tel: +44 (0)20 7187 2000
David Kotler
Nick Fowler
Website: www.straticenergy.com and www.enquest.com
Notes to Editors:
EnQuest (www.enquest.com) is an independent oil and gas production and
development company focused on the UK Continental Shelf ("UKCS"). On 6 April
2010 EnQuest was formed from the demerged UK North Sea assets of Petrofac
Limited and Lundin Petroleum AB. The EnQuest shares are listed on the London
Stock Exchange and on the NASDAQ OMX Stockholm and are included in the FTSE250
and OMX Nordix index on the respective exchanges. EnQuest is completely
unrelated to the company EnQuest Energy Services Corp., which was formerly
listed on the TSX Venture Exchange.
Reader Advisories:
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.
This news release does not constitute or form part of an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, securities to
any person to whom or in any jurisdiction in which such offer, solicitation or
sale would be unlawful. The securities to be offered have not been and will not
be registered under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws, and may not be offered or
sold in the United States or to or for the account or benefit of a U.S. person
unless registered under the U.S. Securities Act and applicable state securities
laws or pursuant to an available exemption from, or in a transaction not subject
to, the registration requirements thereof.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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