Coastal Energy Company Coastal Shareholders Vote in Favor of Merger (0236X)
06 Januar 2014 - 7:30PM
UK Regulatory
TIDMCEO
RNS Number : 0236X
Coastal Energy Company
06 January 2014
For immediate release 6 January 2014
Coastal Shareholders Vote in Favor of Merger
HOUSTON, Jan. 6, 2014 (GLOBAL NEWSWIRE) -- Coastal Energy
Company ("Coastal") (TSX:CEN) (AIM:CEO) announced today that its
shareholders have voted to approve the merger (the "Merger") with
Condor Acquisition (Cayman) Limited ("Purchaser"). As previously
announced on November 19, 2013, Purchaser, a newly-incorporated
entity controlled by Compañía Española de Petróleos, S.A.U.
("CEPSA")and in which Strategic Resources (Global) Limited ("SRG")
is an investor, entered into a definitive merger agreement with
Coastal pursuant to which it would acquire all of Coastal's issued
and outstanding shares. The Merger was approved by 97.56% of the
votes cast at Coastal's extraordinary meeting of shareholders.
Under the terms of the Merger, Coastal shareholders will receive
consideration of C$19.00 in cash for each common share of Coastal
(each, a "Common Share").
The Merger is expected to become effective as soon as
practicable following the satisfaction or waiver of certain
conditions specified in the merger agreement (the "Effective
Date"). Upon completion of the Merger, Coastal will become a wholly
owned subsidiary of Purchaser and the Common Shares will be
delisted from the Toronto Stock Exchange ("TSX") as soon as
practicable following the Effective Date. In addition, provided the
Merger has been completed prior to such time, the depositary
interests representing Common Shares will be delisted from the AIM
market operated by the London Stock Exchange plc ("AIM") with
effect from 7:00 am (UK time) on January 16, 2014.
Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws and which are based on the expectations, estimates
and projections of management of the parties as of the date of this
news release unless otherwise stated. More particularly and without
limitation, this news release contains forward-looking statements
and information concerning the anticipated timing of the completion
of the Merger, the delisting of Common Shares from the TSX and the
delisting of depositary interests representing Common Shares from
the AIM.
Forward-looking statements are defined by applicable securities
legislation and are qualified by the inherent risks and
uncertainties surrounding future expectations generally and also
may materially differ from actual future experience involving any
one or more of such statements. Such risks and uncertainties
include: uncertainties as to the timing of the Merger; the
possibility that various closing conditions for the Merger may not
be satisfied or waived; the possibility that various regulatory or
other approvals will not be granted; the satisfaction of various
other conditions to the completion of the Merger as contemplated by
the merger agreement; the anticipated timing of the delisting of
the Common Shares and the depositary interests representing Common
Shares from the TSX and AIM, respectively; and the possibility that
expected benefits may not materialize as expected.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on other factors that could
affect the operations or financial results of the parties is
included in reports on file with the applicable securities
authorities. The forward-looking statements and information
contained in this news release are made as of the date hereof and
the parties undertake 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.
About Coastal
Coastal is an international exploration and production company
with principal assets in Thailand and Malaysia. Coastal owns and
operates 100% of Blocks G5/43 and G5/50 in the Gulf of Thailand as
well as varying interests onshore northeast Thailand including a
13.7% interest in the Phu Horm gas field. Coastal is also party to
a Small Field Risk Service Contract with PETRONAS for the
development and production of petroleum from the Kapal, Banang and
Meranti cluster of small fields offshore Peninsular Malaysia.
About CEPSA
CEPSA is an integrated energy company operating at every stage
of the oil value chain, with more than 11,000 employees. It is
engaged in petroleum and natural gas exploration and production
activities; refining, the transport and sale of crude oil
derivatives; petrochemicals, gas, and electricity. CEPSA is Spain's
fourth largest industrial group in terms of turnover and has been
in the market for more than 80 years. Through progressive
internationalization of its activities, CEPSA also has business
interests in Algeria, Brazil, Canada, Colombia, Panama, Peru and
Portugal and sells its products all over the world. CEPSA is wholly
owned by International Petroleum Investment Company, which is
wholly owned by the Abu Dhabi government.
About SRG
SRG is a private investment holding company controlled by
international value investor Larry Low H P.
CONTACT: Coastal Energy Company
Email: investor@CoastalEnergy.com
+1 (713) 877-6793
NOMAD
Strand Hanson Limited (Nominated Adviser)
Rory Murphy / Andrew Emmott
+44 (0) 20 7409 3494
CEPSA
Ignacio Rodriguez-Solano
Ignacio.Rodriguez-Solano@cepsa.com
+34 91 3376766
SRG
Edelman on behalf of SRG
Lex.Suvanto@edelman.com / Samantha.Nelson@edelman.com
+1 212 729 2463
Buchanan
Tim Thompson/Ben Romney
0207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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