CALGARY, Dec. 11 /CNW/ - Verenex Energy Inc. ("Verenex") (VNX - TSX) is pleased to announce that at the special meeting of its securityholders held today, the previously announced plan of arrangement was approved by more than 99.95% of the votes cast by the securityholders. Pending the satisfaction of certain conditions, including approval by the Court of Queen's Bench of Alberta and approval under the Investment Canada Act, the arrangement will result in the Libyan Investment Authority, through its subsidiary, acquiring all of the issued and outstanding shares of Verenex.
The final amount of the working capital component of the cash purchase consideration for each Verenex share is to be determined after final court approval is obtained and before closing. The previously announced cash purchase consideration of $7.24 per share (including the working capital component) is still within range.
Verenex is a Canada-based, international oil and gas exploration and production company with a world-class discovered resource base and exploration portfolio in the Ghadames Basin in Libya.
The Libyan Investment Authority is a sovereign wealth fund established in 2006 by the General People's Committee of Libya to manage Libya's surplus oil revenues.
Forward-Looking Information and Statements
This press release contains forward-looking statements respecting the completion of an arrangement of Verenex. These statements are based on current expectations and are subject to a number of risks and uncertainties, including obtaining all requisite court and regulatory approvals that could materially affect timing for the completion of the proposed transaction and the final Working Capital Amount. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the securities of Verenex should not place undue reliance on these forward-looking statements.
SOURCE VERENEX ENERGY INC.
For further information: For further information: Jim McFarland, President & CEO, Verenex Energy Inc., Telephone: (403) 536-8009 or Ken Hillier, Chief Financial Officer, Verenex Energy Inc., Telephone: (403) 536-8005, www.verenexenergy.com