ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, Feb. 24 /CNW/ - CIC Energy
Corp. ("CIC Energy" or the "Company") (TSX:ELC, BSE: CIC Energy) today
announced that the board of directors of the Company has approved the adoption
of a new shareholder rights plan (the "Rights Plan"), effective February 24,
"The Rights Plan is intended to ensure that all shareholders receive
equal treatment in the event of a transaction that could lead to a change in
control of the Company," said Greg Kinross, President of CIC Energy. "The
Rights Plan also gives the board of directors of the Company adequate time to
assess an unsolicited bid made for CIC Energy and to explore and develop
alternatives for maximizing shareholder value."
The purpose of the Rights Plan is to encourage a potential bidder to make
a "Permitted Bid", having terms and conditions designed to meet the objectives
of the Rights Plan, or to negotiate the terms of an offer with the board of
directors of the Company. A Permitted Bid is a take-over bid that is made to
all holders of voting shares of the Company (other than the bidder), for all
voting shares held by them, by way of a take-over bid circular prepared in
compliance with applicable securities laws, that remains open for acceptance
by shareholders of CIC Energy for 60 days, and that satisfies certain other
CIC Energy is not aware of any specific take-over bid for the Company
that has been made or is contemplated. The Rights Plan is not intended to and
will not prevent a take-over of the Corporation.
The Rights Plan must be confirmed by shareholders within six months of
its effective date. The Company currently plans to seek shareholder approval
of the Rights Plan at an annual and special meeting of shareholders expected
to be held on May 20, 2009.
A complete copy of the Rights Plan is available upon request.
Shareholders wishing to receive a copy of the Rights Plan should make their
request by telephone at (242) 362-7100, by facsimile at (242) 362-7101, by
email at email@example.com or by mail to CIC Energy Corp., at Templeton
Building, 2nd Floor, West Bay Street, Lyford Cay, P.O. Box SP-61041, Nassau,
Bahamas, Attention: Warren Newfield.
About CIC Energy Corp.
CIC Energy Corp. is engaged in the advancement of the Mmamabula Energy
Complex at the Mmamabula Coal Field in Botswana, Africa. This planned Complex
consists of the Mmamabula Energy Project, the Export Coal Project and a
potential Coal-to-Hydrocarbons Project. The Mmamabula Energy Project is a
proposed power station and integrated coal mine project, to be developed in
multiple phases. The first phase includes a 1,320 (gross) megawatt power
station. The planned Export Coal Project is investigating ways to export A
grade thermal coal from the Mmamabula Coal Field. The Coal-to-Hydrocarbons
Project is intended to produce syngas from coal which can be converted to a
variety of downstream products, including fuels and petrochemicals.
CIC Energy has 52,537,969 million shares outstanding. CIC Energy is
listed on the Toronto Stock Exchange (TSX:ELC) and the Botswana Stock Exchange
For further information:
For further information: on CIC Energy and the Mmamabula Energy Project,
please visit CIC Energy's website at www.cicenergy.com or contact: Erica
Belling, VP Investor Relations, Tau Capital Corp., Tel: (416) 361-9636 ext.
243, Email: firstname.lastname@example.org