Press release from CNW Group
Second Wave Petroleum Inc. Announces Completion of Going Private Transaction
Friday, June 28, 2013
Second Wave Petroleum Inc. Announces Completion of Going Private Transaction08:00 EDT Friday, June 28, 2013
Toronto Stock Exchange: SCS
Common Shares: 84,121,297
CALGARY, June 28, 2013 /CNW/ - Second Wave Petroleum Inc. (TSX:SCS) ("Second Wave" or the "Company") announces completion of the previously-announced going private transaction, pursuant to which Brookfield Bridge Lending Fund Inc. ("Brookfield"), the Company's controlling shareholder, has acquired all of the outstanding Second Wave common shares not already held by Brookfield and its affiliates for cash consideration of $0.30 per share.
The transaction was completed today by plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"), which received approval yesterday of the Company's shareholders and optionholders at an annual and special meeting of securityholders and thereafter from the Court of Queen's Bench of Alberta. At yesterday's securityholders' meeting, the Arrangement was approved by majorities of 99.4% of the votes cast by all shareholders, 99.4% of the votes cast by shareholders and optionholders voting together as a single class, and 97.9% of the votes cast by disinterested shareholders, excluding Brookfield and its affiliates, pursuant to the minority approval requirements of applicable securities laws.
Detailed information concerning the Arrangement, including the procedure to be followed by registered shareholders in order to receive the $0.30 per share cash consideration payable thereunder, is provided in the information circular of Second Wave dated May 29, 2013, copies of which were sent to securityholders of the Company earlier this month and are available electronically at www.sedar.com or from the Company on request.
With completion of the Arrangement, the Company has become a wholly-owned subsidiary of Brookfield and the Second Wave common shares will be delisted from the Toronto Stock Exchange. The Company expects delisting to occur within three to four trading days.
SOURCE: Second Wave Petroleum Inc.
For further information:
Colin B. Witwer, President and CEO
Telephone: (403) 451-0165