TORONTO, Sept. 8, 2016 /CNW/ - Smoothwater Capital Corporation ("Smoothwater") has been advised by the TSX Venture Exchange that it has deferred its decision on the acceptance or denial of acceptance of the proposed plan of arrangement involving Alberta Oilsands Inc. ("AOS") and Marquee Energy Ltd. until after the Annual and Special Meeting of Shareholders of AOS, scheduled for November 15, 2016.
The result of this decision is that AOS cannot proceed with the proposed business combination until after the annual meeting to elect the directors of AOS and the satisfaction of all relevant conditions. The TSXV stated it will issue written reasons for the decision later this week or early next week.
The TSXV noted that Smoothwater is seeking a Court Order from the Alberta Court of Queen's Bench requiring a shareholder vote by special resolution on the proposed AOS-Marquee merger. A hearing before the Court is scheduled for September 13, 2016.
"The TSXV has deferred its decision on the controversial merger until after the long awaited 2016 AGM," said Stephen Griggs, CEO of Smoothwater. "Judging from the high level of shareholder support we have received to date and the almost universal lack of shareholder confidence in the current AOS board, we are very confident that Smoothwater's nominees will be elected."
"We will continue to work to ensure the rights of all AOS shareholders are protected and respected," concluded Griggs.
For more information and updates, please visit www.smoothwatercapital.com. Investors are asked to sign up online for emails from Smoothwater as this matter progresses.
About Smoothwater Capital:
Smoothwater Capital Corporation is a leading Canadian activist investor, focusing on investing in small to midcap Canadian public companies where there is an identifiable path to significantly improve shareholder value. Smoothwater works to effect change in targeted companies, often collaboratively with institutional and other like-minded investors who hold material positions but are not able to take on the time consuming and costly activist role.
SOURCE Smoothwater Capital Corporation
Image with caption: "Smoothwater Capital Corporation (CNW Group/Smoothwater Capital Corporation)". Image available at: http://photos.newswire.ca/images/download/20160908_C6624_PHOTO_EN_768338.jpg
For further information: or to obtain a copy of this press release, please contact: Smoothwater Capital Corporation, Suite 2500, 120 Adelaide Street West, Toronto, Ontario, M5H 1T1, Attention: Stephen J. Griggs, Chief Executive Officer, 416.644.6582, [email protected]