Coastal Energy Company Coastal Completes Merger with CEPSA (0039Y)
20 Januar 2014 - 8:00AM
UK Regulatory
TIDMCEO
RNS Number : 0039Y
Coastal Energy Company
20 January 2014
For immediate release 20 January 2014
Coastal Completes Merger with CEPSA
HOUSTON, Jan. 17, 2014 (GLOBAL NEWSWIRE) -- Coastal Energy
Company ("Coastal") (TSX:CEN) (AIM:CEO) announces the successful
completion of the previously announced merger (the "Merger") with
Condor Acquisition (Cayman) Limited (the "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. Pursuant to the Merger,
the Purchaser acquired all of Coastal's issued and outstanding
shares (the "Common Shares") for consideration of C$19.00 per
Common Share with effect from January 17, 2014.
With the completion of the Merger, the Common Shares are
expected to be delisted from the Toronto Stock Exchange ("TSX") 2
to 4 business days following closing. In addition, 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 21, 2014. Coastal intends
to apply to the relevant securities regulatory authorities to cease
to be a reporting issuer in the applicable jurisdictions in
Canada.
Advisors and Legal Counsel
Citigroup Global Markets Inc. and Credit Suisse Securities (USA)
LLC acted as financial advisors to Coastal. Stikeman Elliott LLP,
Cleary Gottlieb Steen & Hamilton LLP and Walkers acted as legal
advisors to Coastal. Goldman Sachs International acted as financial
advisor to CEPSA. PriceWaterhouseCoopers acted as a financial
advisor to CEPSA and SRG. Freshfields Bruckhaus Deringer acted as
legal advisor to CEPSA. Blake, Cassels & Graydon LLP, Baker
& McKenzie International and Conyers Dill & Pearman acted
as legal advisors to CEPSA and SRG.
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 delisting
of Common Shares from the TSX, the delisting of depositary
interests representing Common Shares from AIM and the application
by Coastal to the relevant securities regulatory authorities to
cease to be a reporting issuer in the applicable jurisdictions in
Canada.
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 the anticipated timing of the delisting of the Common
Shares and the depositary interests representing Common Shares from
the TSX and AIM, respectively.
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 Coastal 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 Coastal 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.
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 10,000 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 the Abu Dhabi sovereign wealth fund International
Petroleum Investment Company.
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 / Trevor.Gibbons@edelman.com
+1 212 729 2463
This information is provided by RNS
The company news service from the London Stock Exchange
END
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