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CALGARY, July 18, 2013 /CNW/ - Insignia Energy Ltd. ("Insignia" or the "Company") (TSX: ISN) is pleased to announce that, further to its May 28, 2013 press release, it has now received the requisite shareholder and court approval for its previously announced plan of arrangement (the "Arrangement"). Pursuant to the Arrangement, ISN Acquisition Corp., a wholly-owned subsidiary of Brookfield Capital Partners Ltd. ("Brookfield"), will acquire all of the issued and outstanding common shares of Insignia, other than those owned or controlled by the executive officers of Insignia, a director of Insignia and Brookfield and its affiliates, in exchange for CDN $1.35 for each common share of Insignia.
The Arrangement was approved by: (i) shareholders of Insignia by a 97.1% majority; and (ii) shareholders of Insignia, after excluding those votes required to be excluded in determining minority approval under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, by a 81.5% majority.
The Arrangement is expected to become effective on or about July 19, 2013.
Certain information contained in this press release constitutes forward-looking information or statements including, without limitation, the expected timing and completion of the Arrangement. By their very nature, forward-looking information and statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information and statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to vary materially from the forward-looking information or statements, including, but not limited to, the failure of Insignia, ISN Acquisition Corp., Brookfield or any other third party to satisfy any of the conditions of closing the Arrangement. Insignia does not assume responsibility for the accuracy and completeness of the forward-looking information or statements and such information and statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Insignia does not undertake any obligation to revise these forward-looking information or statements to reflect subsequent events or circumstances. Furthermore, the forward-looking information contained in this press release is made as of the date of this document and Insignia does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking information and statements contained in this press release are expressly qualified by this cautionary statement.
SOURCE: Insignia Energy Ltd.
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