CALGARY, June 27, 2013 /CNW/ - On April 9, 2013, Poseidon Concepts Corp.
and certain of its affiliates (collectively, "Poseidon") obtained
creditor protection under the Companies' Creditors Arrangement Act ("CCAA") (the "Initial Order").
Prior to the Initial Order, three class proceedings had been commenced
against Poseidon and certain of its directors and officers in Alberta,
Ontario and Quebec, seeking to represent past and current shareholders
of Poseidon (the "Class Members").
On May 31, 2013, the Alberta Court of Queen's Bench (the "Court") made
an order appointing Franz Auer, Joanna Goldsmith and Marian Lewis (the
"Representatives") to represent the Class Members in Poseidon's CCAA
proceedings (the "Representation Order"). The Representation Order
also appoints Jensen Shawa Solomon Duguid Hawkes LLP, Siskinds LLP,
Siskinds, Demeules, S.E.N.C.R.L and Paliare Roland Rosenberg Rothstein
LLP ("Representative Counsel") as counsel to the Representatives. A
copy of the Representation Order is available on the Monitor's website
The Representation Order applies to "Class Members," who are defined as
all persons and entities, wherever they may reside, who acquired
Poseidon's Securities on or before February 14, 2013 by distribution in
Canada or on the Toronto Stock Exchange or other secondary market in
Canada, which includes securities acquired over the counter, and all
persons and entities who acquired Poseidon's Securities during such
period who are resident of Canada or were resident of Canada at the
time of the acquisition, except certain excluded persons.
Any Class Member who wishes to not be represented by the Representatives
and Representative Counsel in Poseidon's CCAA proceedings may opt out
of the representation by providing the Monitor, PricewaterhouseCoopers
Canada, with written notice (the "Opt-Out Letter"). The Opt-Out Letter
must be submitted by July 29, 2013.
A copy of the Opt-Out Letter, together with a copy of the Representation
Order and all documents filed with the Court in the CCAA proceedings
are available on the Monitor's website at: www.pwc.com/ca/en/car/poseidon.
Contact information for Representative Counsel can be found at: http://www.classaction.ca/classaction-ca/master-page/actions/securities/current-actions/poseidon-concepts-corp.aspx
SOURCE: Siskinds LLP
For further information:
Tel: 416-362-8334 (ext. 228)