Glass Lewis Recommends Suroco Shareholders Vote AGAINST the Petroamerica Arrangement
- Shareholders Are Urged to Vote their BLUE Proxy AGAINST the Petroamerica Arrangement and support VETRA's increased All Cash Offer of $0.83 per Common Share -
CALGARY, June 25, 2014 /CNW/ - Glass Lewis & Co. ("GL"), a leading independent proxy advisory firm, issued its report on June 24, recommending that shareholders of Suroco Energy Inc. ("Suroco") vote AGAINST the Petroamerica Arrangement at Suroco's upcoming annual and special meeting of shareholders to be held on June 25, 2014 at 10:00 a.m. (Calgary time).
Shareholders are urged to support the all cash offer made by Vetra Acquisition Ltd. ("VETRA"), a wholly-owned subsidiary of VETRA Holding S.a.r.l., for all of the issued and outstanding shares of Suroco for $0.83 per common share.
GL is a leading independent governance analysis and proxy voting firm, serving more than 900 institutional shareholders globally. GL's research focuses on the long-term financial impact of investment and proxy voting decisions and assists institutional investors to make voting decisions.
Glass Lewis, in recommending that Suroco shareholders vote AGAINST the Petroamerica arrangement concluded that "we believe that there is clear support for the Dissident's current offer and it appears to offer more value to shareholders relative to the proposed Petro America agreement. Further, we believe investors may be growing tired of the constant back and forth between the parties as well as the board's attempt to rush a shareholder vote on its proposed agreement. Here, it would appear advantageous for the Suroco board to negotiate with all parties in order to achieve the highest possible offer for the Company before asking shareholders to vote on an agreement. We believe that shareholders should no longer support the June 20, 2014 Petro America agreement. Accordingly, we recommend that shareholders vote AGAINST this proposal."
On June 24, VETRA amended its all cash offer for Suroco to increase the offer price to $0.83 per common share.
Attention Suroco shareholders:
Regardless of how many shares you own, it is imperative you vote your BLUE proxy.
Shareholders are urged to vote before the deadline of
Wednesday, June 25, 2014 at 10:00 a.m. (Calgary time)
Suroco shareholders with questions about the Offer and how to vote AGAINST the Arrangement and deposit shares to the Offer, should contact VETRA's information agent and depository,
Kingsdale Shareholder Services, toll-free within North America: 1-855-682-8087 or Call Collect: 416-867-2272 or e-mail: firstname.lastname@example.org.
The offeror is Vetra Acquisition Ltd., a wholly-owned subsidiary of VETRA Holding S.a.r.l., a holding company whose primary operating subsidiary is Vetra Exploración y Producción Colombia, S.A.S., a multinational company engaged in the business of exploration, extraction and production of hydrocarbons, primarily in Colombia and Peru. Neither VETRA nor any of its and its associates or affiliates own any shares of Suroco.
Suroco is focused on the identification and evaluation of opportunities for the acquisition of interests in oil and gas properties, corporations, assets or businesses, primarily in Colombia, and once identified and evaluated, negotiating acquisitions thereof or participation therein. Suroco is a public corporation that is listed on the TSXV under the symbol "SRN" and its public filings are available on www.sedar.com.
SOURCE Vetra Acquisition Ltd.For further information: Media Inquiries, Kingsdale Shareholder Services, 416-867-2357