Toronto Stock Exchange: SCS
Common Shares: 84,121,297
CALGARY, June 28, 2013 /CNW/ - Second Wave Petroleum Inc. (TSX:SCS)
("Second Wave" or the "Company") announces completion of the
previously-announced going private transaction, pursuant to which
Brookfield Bridge Lending Fund Inc. ("Brookfield"), the Company's
controlling shareholder, has acquired all of the outstanding Second
Wave common shares not already held by Brookfield and its affiliates
for cash consideration of $0.30 per share.
The transaction was completed today by plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"), which received approval yesterday of the
Company's shareholders and optionholders at an annual and special
meeting of securityholders and thereafter from the Court of Queen's
Bench of Alberta. At yesterday's securityholders' meeting, the
Arrangement was approved by majorities of 99.4% of the votes cast by
all shareholders, 99.4% of the votes cast by shareholders and
optionholders voting together as a single class, and 97.9% of the votes
cast by disinterested shareholders, excluding Brookfield and its
affiliates, pursuant to the minority approval requirements of
applicable securities laws.
Detailed information concerning the Arrangement, including the procedure
to be followed by registered shareholders in order to receive the $0.30
per share cash consideration payable thereunder, is provided in the
information circular of Second Wave dated May 29, 2013, copies of which
were sent to securityholders of the Company earlier this month and are
available electronically at www.sedar.com or from the Company on request.
With completion of the Arrangement, the Company has become a
wholly-owned subsidiary of Brookfield and the Second Wave common shares
will be delisted from the Toronto Stock Exchange. The Company expects
delisting to occur within three to four trading days.
SOURCE: Second Wave Petroleum Inc.
For further information:
Colin B. Witwer, President and CEO
Telephone: (403) 451-0165