Bankers Petroleum Announces Continuance into Alberta and Amendments to Bylaw No. 1
2013 Financial Results To Be Released March 13, 2014
CALGARY, March 10, 2014 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) today announced that it has finalized its corporate registration into the Province of Alberta from the Province of British Columbia pursuant to the Business Corporations Act (Alberta). The continuance into Alberta was approved at the annual general and special meeting of the Company's shareholders held on May 21, 2013 (the "Meeting").
The continuance was effected to align the Company's registration with the location of its head office, Directors and Officers and to position the Company to issue, on a tax effective basis, stock based dividends in the future should it choose to do so.
In addition, Bankers also announced that its Board of Directors has approved and adopted amendments to By-Law No. 1, which was adopted by the Company upon its continuance into Alberta. As disclosed in the Company's press release on May 13, 2013, the Company's Board agreed to amend By-Law No. 1 following the continuance based on feedback the Company received from some of its shareholders and certain proxy advisory firms.
By-Law No. 1 now provides that a quorum at a meeting of the Company's shareholders will be present if two persons holding not less than fifteen percent (15%) of the shares entitled to vote thereat are present in person or represented by proxy. The Company believes this quorum threshold is higher than the shareholder quorum thresholds established by its peers and is in keeping with good corporate governance practices.
By-Law No. 1 now also provides that the Company's Board of Directors may waive any requirement under the advance notice provisions of By-Law No. 1 relating to the nomination of candidates for election to the Company's Board of Directors. The Company believes this will afford the Board more flexibility in responding to Director nominations, but will not obligate the Board to waive any notice requirements where the Board does not consider it prudent to do so.
These amendments take effect immediately. The Company's shareholders will be asked to confirm these amendments to By-Law No. 1 at the next shareholders' meeting.
Please note that none of the foregoing should be construed as any indication that the Company will issue stock based dividends in the future or at all.
2013 Financial Results Release Date
Bankers Petroleum Ltd. is scheduled to release its 2013 Financial Results on Thursday, March 13, 2014 at 5:00 am MDT (7:00 am EDT, 12:00 pm GMT).
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, 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". Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
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