CALGARY, April 2 /CNW/ - Shell Canada advises that Royal Dutch Shell made
the following announcement regarding the outcome of its offer extension which
expired March 30, 2007. Pending details of a formal handover, Shell Canada's
current management retains responsibility for the company's ongoing operations
"Shell Investments Limited ("SIL"), a wholly-owned subsidiary of Royal
Dutch Shell plc, announced that as at the expiry time of the extended offer
period on March 30, 2007, an additional 75,711,093 common shares in the
capital of Shell Canada Limited ("Shell Canada") were validly deposited to
SIL's offer to acquire, at a price of C$45.00 cash per common share, all of
the outstanding common shares of Shell Canada not already owned by SIL or its
affiliates. SIL has taken up all such common shares deposited to the offer
during such period and payment has been or will be made for such common shares
on or before Wednesday, April 4, 2007.
Combined with the 96,985,322 Shell Canada common shares taken up by SIL
in respect of the initial offer period that ended on March 16, 2007, SIL and
its affiliates now beneficially own 816,005,273 common shares of Shell Canada
or approximately 98.8% of the outstanding common shares of Shell Canada. The
common shares taken up and accepted for payment under the offer represent
approximately 94.5% of the outstanding common shares of Shell Canada not
already owned by SIL or its affiliates.
SIL's offer has now expired. As the offer was accepted by holders of more
than 90% of the common shares of Shell Canada not owned by the SIL or its
affiliates, SIL will exercise its right under the compulsory acquisition
provisions of section 206 of the Canada Business Corporations Act to acquire
the outstanding common shares of Shell Canada not already owned by SIL and its
affiliates at the same price of C$45.00 per common share, by mailing a formal
notice to all remaining Shell Canada shareholders shortly."
This release does not constitute an offer to purchase or a solicitation
of an offer to sell securities.
For further information:
For further information: Investor Inquiries: Ken Lawrence, Manager,
Investor Relations, (403) 691-2175; Media Inquiries: Jan Rowley, General
Manager, Public Affairs, (403) 691-3899