CALGARY, Sept. 28, 2012 /CNW/ - Pure Energy Services Ltd. ("Pure") (TSX: PSV) announces the results of its special meeting of holders of
common shares ("Common Shares") and holders of options to purchase Common Shares ("Options", and together with the Common Shares, the "Securities", holders of which are collectively referred to as the "Securityholders"), held today to consider and to vote on a plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta) pursuant to which FMC Technologies Canada Holdings Inc., a
subsidiary of FMC Technologies, Inc. ("FMC"), will acquire all Common Shares and all outstanding Options will be
surrendered to Pure. Under the Arrangement, holders of Common Shares
will receive $11.00 (CAD) in cash for each Common Share held. By
special resolution passed at the meeting of Securityholders, the
Arrangement was approved by 99.93% of the votes cast by Securityholders
(voting together as a single class), 99.92% of the votes cast by the
holders of Common Shares (voting separately), and 99.91% of the votes
cast by the holders of Common Shares (voting separately and excluding
Common Shares beneficially owned or over which control or direction is
exercised by such persons whose votes may not be included in
determining minority approval pursuant to Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special Transactions).
Pure also announces that, following the special meeting, the Alberta
Court of Queen's Bench granted its final order approving the
Arrangement. Closing of the Arrangement is expected to occur on October
Pure is an oilfield services company that provides well completion and
abandonment services to oil and gas exploration and development
entities in the Western Canadian Sedimentary Basin and certain regions
of the United States.
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "expected", "may", "will", "should",
"believe", "intends" and similar expressions are intended to identify
forward-looking statements or information. More particularly and
without limitation, this press release contains forward-looking
statements and information concerning the anticipated timing of the
completion of the Arrangement.
In respect of the forward-looking statements and information concerning
the anticipated timing for completion of the Arrangement, Pure has
provided such in reliance on certain assumptions that it believes are
reasonable at this time, including assumptions as to when closing of
the Arrangement will occur. This date may change for a number of
reasons, including the need for additional time to satisfy the
conditions to the closing of the Arrangement. Accordingly, readers
should not place undue reliance on the forward-looking information
contained in this press release concerning these times.
Risks and uncertainties inherent in the nature of the Arrangement
include the failure of Pure or FMC to satisfy the conditions to the
Arrangement in a timely manner, or at all. Failure to so satisfy the
conditions to the Arrangement may result in the Arrangement not being
completed on the proposed terms, or at all.
Readers are cautioned that the foregoing list of factors is not
exhaustive. The forward-looking statements and information contained in
this press release are made as of the date hereof and Pure undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities
SOURCE: Pure Energy Services Ltd.
For further information:
Chief Executive Officer
Vice President Finance and Chief Financial Officer
Address: 10th Floor, 333 11th Avenue S.W.