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
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
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
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
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.
SOURCE: Bankers Petroleum Ltd.
For further information:
President and Chief Executive Officer
Executive VP, Finance and Chief Financial Officer
Investor Relations Analyst
Canaccord Genuity Limited
+44 0 207 523 8000
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200