CALGARY, Aug. 6 /CNW/ - Synenco Energy Inc. (Synenco) today announced
that Total E&P Canada Ltd. (Total Canada), a wholly-owned subsidiary of Total
S.A., has taken up approximately 94% of the issued and outstanding common
class "A" voting shares (the Common Shares) of Synenco pursuant to Total
Canada's offer and take-over bid circular dated May 13, 2008, as amended.
Approximately 49.6 million Common Shares were deposited to the offer as
of the expiry time on August 5. Total Canada has given notice to the
depositary that it has taken up and accepted for payment all of the Common
Shares deposited to the offer, and will pay for such shares within three
business days in accordance with applicable securities laws and the
acquisition agreement between Synenco and Total Canada. Synenco has also been
advised that Total Canada intends to acquire the remaining Common Shares not
deposited under the offer pursuant to the compulsory acquisition procedures of
the Business Corporations Act (Alberta).
In accordance with the acquisition agreement between Synenco and Total
Canada, all of the current members of Synenco's board of directors will resign
and be replaced with nominees of Total Canada following payment by Total
Canada for the Common Shares taken up.
For further information:
For further information: Mike Supple, Chairman, President and CEO,
Telephone: (403) 261-1990