Canada: Stakeholders Approve $6 Bln Petronas, Progress Deal

Progress Energy Resources Corp. announced that the holders of common shares of Progress  have approved the proposed acquisition of Progress by PETRONAS Carigali Canada Ltd. pursuant to a plan of arrangement under the Business Corporations Act. Under the Arrangement, holders of common shares will receive $22.00 in cash per common share held.

The Arrangement was approved by approximately 99.85% of the votes cast by Progress shareholders present or represented by proxy at the special meeting of securityholders held today. The Arrangement was also approved by approximately 99.99% of the principal amount of the 2014 Debentures and 99.98% of the principal amount of the 2016 Debentures voted on the Arrangement resolution. Assuming an effective date of September 25 2012, the cash consideration under the Arrangement for each $1,000 principal amount of debentures, excluding accrued interest and notional interest, is approximately $1,265 for the 2014 Debentures and $1,213 for the 2016 Debentures.

Progress also announced that PETRONAS Canada and Progress have received a No-Action Letter from the Commissioner of Competition under the Competition Act with respect to the Arrangement. The No-Action Letter confirms that the Commissioner has reviewed the Arrangement and concluded that she does not, at this time, intend to make an application for a remedial order under section 92 of the Act.

[mappress]
LNG World News Staff, August 30, 2012