CALGARY, May 10, 2016 /CNW/ - Bankers Petroleum Ltd.
("Bankers") (TSX: BNK, AIM: BNK) is pleased to announce that the
proposed corporate transaction (the "Arrangement") has received the
necessary approvals from the Albanian Competition Authority, the
Chinese National Development and Reform Commission (NDRC) and the
Ministry of Commerce of the People's
Republic of China (MOFCOM) through the Shanghai Free Trade
Zone Management Committee.
Both parties continue to pursue the outstanding regulatory
approvals pursuant to the Investment Canada Act (Canada) and the Chinese State Administration
of Foreign Exchange (SAFE). Bankers will host its
special meeting of shareholders (the "Special Meeting") on
May 31, 2016, seeking Shareholder
approval for the Arrangement. If approved at the Special
Meeting, closing of the Arrangement remains on track to occur in
June 2016, following which Bankers'
common shares will be delisted from the Toronto Stock Exchange
("TSX") and the AIM market of the London Stock Exchange.
Special Meeting of Shareholders
Bankers' shareholders of record as of April 19,
2016, are entitled to vote at the Special Meeting. The
Arrangement must be approved by the holders of not less than 66⅔%
of the Bankers common shares present in person or represented by
proxy at the Special Meeting. Shareholders are encouraged to
read the Management Information Circular prepared in connection
with the Arrangement as it provides important information about
Bankers and the Arrangement. The Management Information
Circular and related proxy materials are available on SEDAR and
Bankers' website (www.bankerspetroleum.com).
The Special Meeting will be held at The Metropolitan Centre
(Strand/Tivoli Rm), 333 4th Avenue SW, Calgary, Alberta on Tuesday, May 31, 2016 at 3:00 p.m. (Calgary time). Bankers will provide
further information with respect to the timing of closing of the
Arrangement and the delisting of Bankers common shares from the TSX
and AIM as updates become available.
Benefits of the Arrangement include:
- Cash price of C$2.20 per Bankers
common share
- Bankers debt will be handled separately by the purchasing
Company and will not affect the stated purchase price of
$2.20 per Bankers common share
- The Arrangement is an opportunity for shareholders to
crystalize value representing a premium of 98% over Bankers'
closing share price on the TSX of C$1.11 on March 18,
2016, and 109% over the 30-trading day volume weighted
average trading price of Bankers common shares of C$1.05 per share ending on March 18, 2016
- The Arrangement has received the unanimous approval of the
Board of Directors of Bankers, who have recommended that
shareholders vote in favor of it, and carries the full support of
Bankers' management team
Shareholders who have questions regarding the Arrangement or
require assistance with voting may contact the Proxy Solicitation
Agent below:
Laurel Hill Advisory Group
Toll Free:
1-877-452-7184
International: +1 416-304-0211 outside Canada and the US
By Email: assistance@laurelhill.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.
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 and
the anticipated timing of closing, the timing of receipt of
required regulatory approvals, the timing of the Special Meeting
and the treatment of Bankers debt. 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, including receipt of the
approval's required by the Investment Canada Act (Canada) and approvals required by the People's Republic of China and the
competition authority of Albania,
and other conditions which are typical for transactions of this
nature. Failure to satisfy any of these conditions, the emergence
of a superior proposal or the failure to obtain approval of
Bankers' shareholders may result in the termination of the
Arrangement Agreement. 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 information
circular in respect of the Special Meeting, 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.
SOURCE Bankers Petroleum Ltd.