CALGARY, June 13 /CNW/ - ENMAX Acquisition Corp., an indirect
wholly-owned subsidiary of ENMAX Corporation (collectively "ENMAX"), announces
that ENMAX and Cordero Energy Inc. ("Cordero") (TSX: COR) have agreed to
extend and amend their agreement for ENMAX to acquire all of the issued and
outstanding common shares of Cordero.
This amendment enables:
- Cordero to declare and pay a Conditional Special Cash Dividend of
$0.45 per share to all Cordero shareholders of record at 4:29 p.m.
(Calgary time) June 27, 2008, conditional upon ENMAX giving notice to
take-up and pay for shares validly tendered to ENMAX's offer; and
- an extension of ENMAX's offer to shareholders to June 27, 2008.
"We feel that the extra value that has been created by Cordero since
starting this acquisition belongs to its shareholders, so we have agreed to
allow Cordero to deliver this value back through a special dividend", said
Gary Holden, President & CEO of ENMAX Corporation.
As a result, upon ENMAX taking-up:
- from Cordero, a $0.45 per share cash dividend to all shareholders;
- from ENMAX, $4.75 cash per share to tendering shareholders,
resulting in total cash consideration of $5.20 per share to tendering
Pursuant to the amendment, ENMAX is further extending the previously
announced offer dated March 10, 2008, as amended, to purchase all of the
issued and outstanding shares of Cordero for $4.75 cash (post-dividend) per
Cordero share until 4:30 p.m. (Calgary time) on June 27, 2008.
A notice of extension will be mailed to Cordero's shareholders.
Copies of the notice of extension (in both English and French) will be
filed with various securities regulatory authorities in Canada and will be
available on the SEDAR website (www.SEDAR.com) under Cordero's profile.
ENMAX Corporation, through subsidiaries and predecessors, has provided
Albertans with safe and reliable electricity for more than 100 years. ENMAX
provides electricity, natural gas and value-added services to more than half a
million residential, commercial and industrial customer accounts in Alberta.
Through a subsidiary, ENMAX Energy is one of Alberta's largest investors in
renewable energy with partial ownership of the McBride Lake Wind Farm and
complete ownership of the Taber Wind Farm. ENMAX Energy's Greenmax was one of
the first green power marketing programs in Canada, and celebrates its 10th
anniversary in 2008. Visit our website at enmax.com.
You can choose any retailer listed at www.ucahelps.gov.ab.ca or at
310-4822. Electricity delivery to your home or business isn't affected by your
choice of retailer.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For further information:
For further information: Peter Hunt, VP, Public Affairs, ENMAX
Corporation, 141 - 50 Avenue SE, Calgary, Alberta, T2G 4S7, (403) 689-6150