UNX ENERGY ANNOUNCES TWO LEADING INDEPENDENT PROXY FIRMS RECOMMEND SHAREHOLDERS VOTE IN FAVOUR OF PROPOSED ARRANGEMENT WITH HRT
April 18 2011 - 9:08AM
PR Newswire (Canada)
CALGARY, April 18 /CNW/ -- CALGARY, April 18 /CNW/ - UNX Energy
Corporation ("UNX") today announced that two leading independent
proxy firms, ISS Proxy Advisory Services ("ISS") and Glass Lewis
& Co. ("Glass Lewis"), have both recommended UNX shareholders
approve the proposed Plan of Arrangement with HRT Participações em
Petróleo S.A. ("HRT") at the Special Meeting of Security
holders on April 27, 2011. Glass Lewis summarized in its report,
"The combination offers shareholders a substantial equity premium
and the opportunity to participate in the enlarged company."
ISS and Glass Lewis are leading providers of proxy research and
voting recommendations to institutional investors in Canada and the
United States. "We are pleased that ISS and Glass Lewis are
recommending that security holders vote 'FOR' the arrangement, as
it is consistent with the unanimous recommendation of our Board of
Directors and management," said Mr. Duane Parnham, Chairman of
UNX. "In addition, several board members and management have
agreed to a voluntary lock-up on our shares to demonstrate our firm
support for this transaction and the great prospects for growth of
the fully capitalized combined company." Security holders are
encouraged to follow the recommendations by submitting their vote
prior to the April 25, 2011 proxy vote deadline. Security holders
who have questions or require assistance voting their shares should
contact the Company's proxy solicitor: Laurel Hill Advisory Group
North American toll-free at 1-877-304-0211 Collect 416-304-0211
E-mail: assistance@laurelhill.com About UNX Energy Corp. UNX Energy
Corp. is a junior, independent oil and gas company, focused on
exploration for crude oil in offshore Namibia, Africa.
Headquartered in Calgary, Alberta, Canada, UNX's asset base
consists of approximately 51,000 square kilometers (approximately
32,000 net) of offshore acreage, strategically located along the
prolific South Atlantic Margin. Development of these highly
prospective blocks is being advanced by an experienced management
team, qualified technical staff and strong in-country
relationships. UNX employs strategic technical expertise to
optimize the probability of exploration success in the region. UNX
is committed to conducting its business in a socially and
environmentally responsible manner, ultimately working towards the
goal of sustainable development in Namibia's oil and gas sector for
the benefit of all stakeholders. About HRT Participações em
Petróleo S.A. HRT Participações em Petróleo S.A. is one of
the largest independent oil and gas exploration and production
companies in Brazil. The HRT Group comprises three main
subsidiaries: HRT O&G Exploração e Produção de Petróleo Ltda.,
IPEX (Integrated Petroleum Expertise Company Serviços em Petróleo
Ltda.) and HRT Netherlands B.V. The Company retains a 55% interest
in 21 exploratory blocks in the Solimões Basin. HRT also operates
five exploratory blocks on the Namibian coast. The Company retains
a 100% interest in two of them, in the Walvis Sub-basin, and a 40%
interest in the other three, in the Orange Subbasin. HRT's team
includes PhDs and masters in geochemistry, geophysics, biology and
engineering, most of them former employees of Petrobras and ANP
(Brazil's petroleum agency). HRT is committed to minimizing any
possible environmental impacts in the sites where it acts. Its
commitment with the local communities is towards health conditions,
security and quality of life. For more information, please visit
the Company's website: www.hrt.com.br/ir About ISS Proxy Advisory
Services ISS is the leading provider of corporate governance
solutions to the global financial community. ISS is a
subsidiary of MSCI Inc., a leading provider of investment decision
support tools to investors globally. About Glass Lewis &
Co. Glass Lewis & Co. is a Leading independent governance
analysis and proxy voting firm assisting institutions globally that
have investment, financial or reputational exposure to public
companies. On Behalf of the Board of Directors of UNX Energy Corp.
Duane Parnham Chairman For further information visit our website at
www.unxenergy.com Sedar Profile #00016276 Forward Looking
Information This document contains forward-looking information and
statements. All information and statements other than
statements of historical fact contained in this document are
forward-looking information and statements, including, without
limitation, statements regarding the transaction, future financial
position, business strategy, proposed acquisitions or dispositions,
budgets, litigation, projected costs and plans and objectives of or
involving UNX or HRT. Securityholders can identify many
of these statements by looking for words such as "believe",
"expects", "intends", "projects", "anticipates", "estimates",
"continues" or similar words suggesting future outcomes or
statements regarding an outlook or the negative
thereof. These forward-looking statements may include,
but are not limited to, statements with respect to: the
transaction, business strategy and objectives, exploration plans,
development plans, acquisition and disposition plans and the timing
thereof, the timing of various steps in the transaction, and the
satisfaction of listing conditions. There can be no
assurance that the plans, intentions or expectations upon which
these forward-looking statements are based will
occur. Forward-looking information and statements are
subject to risks, uncertainties and assumptions, including those
discussed in the Management Information Circular of UNX dated April
1, 2011 (the "Circular"), which readers of this document are urged
to read in its entirety. Although UNX believes that the
expectations represented in such forward-looking information and
statements are reasonable, there can be no assurance that such
expectations will prove to be correct. Some of the risks
which could affect future results and could cause results to differ
materially from those expressed in the forward-looking information
and statements contained herein include: the impact of general
economic conditions, industry conditions, securityholder and court
approval of the transaction, governmental regulation including the
timely receipt of required regulatory approvals, volatility of
commodity prices and other matters beyond the control of
UNX. Readers are cautioned that the foregoing list is
not exhaustive. Forward-looking statements or
information are based on current expectations, estimates and
projections that involve a number of risks and uncertainties which
could cause actual results to differ materially from those
anticipated by UNX and described in the forward-looking statements
or information. 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2011/18/c4892.html
p Laurel Hill Advisory Group:br/ North American toll-free at
1-877-304-0211br/ Collect 416-304-0211br/ E-mail: ua
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