Bankers Petroleum receives certain
regulatory approvals for proposed acquisition by Geo-Jade
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 66â…”% 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 (http://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 PüspÃkladány 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.
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