CALGARY, March 18 /CNW/ - Result Energy Inc. ("Result" or the
"Corporation"; TSX-V: RTE) announces that, its Board of Directors has approved
the adoption of a Shareholder Rights Plan (the "Plan"), subject to acceptance
by the TSX Venture Exchange (the "TSXV"). The Plan, which is to be filed with
the TSXV as soon as practicable, is designed to ensure the fair treatment of
shareholders in the event of any take-over bid or any other attempt to acquire
a controlling interest in the Corporation and to give the Corporation adequate
time to identify alternative value enhancing transactions.
Result is not adopting the Plan in response to, or in anticipation of,
any specific take-over bid for the outstanding shares of the Corporation. The
Plan is similar to shareholder rights plans adopted by other Canadian
Under the terms of the Plan, one right ("Right") will be issued by Result
in respect of each outstanding common share of the Corporation ("Common
Share") to the shareholders of record on March 15, 2008, as well as one Right
in respect of each Common Share subsequently issued by Result. The Rights
issued under the Plan will only become exercisable when a person, including
any party related to it, acquires or announces its intention to acquire 20% or
more of the outstanding Common Shares of the Corporation without complying
with the Plan's "permitted bid" provisions. "Permitted bids" must, among other
requirements more fully described in the Plan, be made to all Result
shareholders and must remain open for acceptance for a minimum of 60 days.
The Plan is subject to acceptance by the TSXV, and is subject to
ratification by Result's shareholders at the Corporation's annual meeting of
shareholders scheduled for May 27, 2008. If confirmed by the shareholders at
that meeting, the Plan will need to be reconfirmed at Result's annual meeting
The Plan will also be made available for viewing on the SEDAR website at
www.sedar.com, once it has been filed with the TSXV.
Result Energy Inc. is a publicly traded Canadian energy company involved
in the exploration and development of oil and gas properties in western
Canada. Result trades on the TSX Venture Exchange under the symbol "RTE".
The TSX Venture Exchange does not accept responsibility for the adequacy
and accuracy of this release.
For further information:
For further information: William Matheson, President & CEO, Result
Energy Inc., (403) 777-0007