/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEW SERVICES./
CALGARY, Feb. 13, 2012 /CNW/ - Vero Energy Inc. (TSX:VRO) ("Vero" or the "Company") announces that it has mailed its Information Circular and Proxy Statement (the "Information Circular") in respect of its special meeting of holders ("Shareholders") of common shares ("Common Shares") of the Corporation scheduled to be held on March 7, 2012 (the "Meeting").
As previously announced, Shareholders will be asked at the Meeting to vote upon a special resolution to approve the proposed one-time cash distribution to Shareholders of $0.30 per Common Share (the "Cash Distribution"). If approved at the Meeting, subject to confirmation by the Board of Directors of Vero promptly following the Meeting, the record date for determining Shareholders which will be entitled to the Cash Distribution is expected to be March 20, 2012 and the Cash Distribution is anticipated to be paid on or about March 27, 2012. Assuming a March 20, 2012 record date, the Common Shares would be expected to commence trading on an "ex-distribution" basis on March 16, 2012.
This press release contains forward-looking statements and information concerning the anticipated Cash Distribution to Shareholders, the amount thereof and the anticipated timing of the record, payment and ex-distribution dates in respect of same. Readers should not place undue reliance on the forward-looking statements and information contained in this press release. There can be no assurances that the proposed Cash Distribution will be completed on the timing anticipated or at all.
The forward-looking statements and information contained in this press release are made as of the date hereof and Vero undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The Common Shares of Vero have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
For further information:
President & Chief Executive Officer
Vice-President Finance & Chief Financial Officer