ARC FINANCIAL CORP. PROVIDES COMMENTS ON PRELIMINARY VOTING RESULTS FOR TAKE PRIVATE TRANSACTION OF STEP ENERGY SERVICES LTD.

CALGARY, AB, Dec. 17, 2024 /CNW/ - ARC Financial Corp., on behalf of 2659160 Alberta Ltd. and the limited partnerships comprising ARC Energy Fund 8 (a private equity fund advised by ARC Financial Corp.) (collectively, "ARC"), announces that, based on preliminary voting results, as of midday (Mountain time) today, the proposed plan of arrangement to take STEP Energy Services Ltd. ("STEP") private (the "Arrangement") for cash consideration of $5.00 per common share of STEP (the "STEP Shares"), has not achieved the required majority of the minority shareholder approval.

Of the 31,596,621 STEP Shares held by minority shareholders as at the record date, preliminary results indicate that 22,659,051 STEP Shares have been voted by proxy, of which 8,823,694 (38.94%) have been voted in favour of the resolution approving the Arrangement and 13,835,357 (61.05%) have been voted against the resolution approving the Arrangement.

The proxy tabulations announced by ARC are not final vote tallies as the actual voting will occur at the special meeting (the "Meeting") of STEP shareholders ("STEP Shareholders"), with final votes tabulated by STEP's scrutineers for the Meeting.

The Meeting to consider the Arrangement is scheduled for December 19, 2024, and STEP Shareholders should act quickly. 

A registered STEP Shareholder who has given a proxy may revoke such proxy by delivering a written statement revoking their proxy to the chair of the Meeting, c/o Vice-President, Legal and General Counsel, STEP Energy Services Ltd., Bow Valley Square II, 1200, 205-5th Ave SW, Calgary, Alberta, T2P 2V7 or via email at: [email protected] on or before 10:00 a.m. (Mountain time) on December 19, 2024 or in any other manner permitted by law.  

Non-registered STEP Shareholders wishing to revoke their vote should contact their bank, broker, or other intermediary in which their STEP Shares are held to provide instructions to withdraw their previously cast vote. A Non-registered STEP Shareholder who wishes to change their vote may do so electronically using their 16-digit control number and accessing https://www.voteproxyonline.com/ or by contacting Laurel Hill Advisory Group for assistance at:

• Telephone - 1-877-452-7184 (North American Toll Free) or 1-416-304-0211 (Outside North America), or
  
  
• Email - [email protected].

STEP Shareholders are advised that:

• ARC is not increasing the consideration to be paid from $5.00 per STEP Share.
  
  
• ARC will allow the Arrangement to fail if a majority of the minority shareholders do not vote in favour.

SOURCE ARC Financial Corp.