"We've extended our offer to allow all Wenzel shareholders time to fully consider their options in light of recent developments," said Jed Wood, High Arctic’s president and CEO. "We believe Wenzel's proposal to reorganize into an income trust is an unrealistic alternative that follows the Alberta Securities Commission's rejection of Wenzel's position. Despite this delaying tactic, our offer still represents a premium price and it remains the best option available for Wenzel shareholders."
The offer, as extended, is now open for acceptance until 5 p.m. (Calgary time) on July 18, unless further extended or withdrawn. The offer price for each share of Wenzel remains unchanged at $2.75. The offer also provides for holders of Wenzel shares to elect to receive $2.30 in cash for each Wenzel share tendered to the offer and certain Wenzel shareholders holding more than 40% of the Wenzel shares (on a fully diluted basis) have entered into a voting and tender agreement with the Trust pursuant to which they have agreed to elect to receive $2.30 per Wenzel share. A Wenzel shareholder who does not properly indicate an election will be deemed to have elected to receive $2.75 per share for all Wenzel shares deposited under the offer.
Wenzel shareholders wishing to accept the offer must deposit their Wenzel shares, together with a properly completed and duly executed letter of transmittal with Valiant Trust Company, the depositary, at its offices in Calgary or Toronto. Wenzel shareholders whose Wenzel shares are registered in the name of an investment dealer should contact their investment advisor for assistance in depositing their Wenzel shares to the offer. Questions may be directed to Wolverton Securities Ltd., the dealer manager, at 1-888-263-8808 (toll-free).
The Trust, through its subsidiaries, is a global provider of underbalanced oilfield equipment and services, including drilling, completion, and workover operations. High Arctic's new underbalanced drilling technology and equipment is recognized for its ability to improve oil and gas production capabilities and is expected to develop greater acceptance in international markets. Based in Red Deer, High Arctic has domestic operations in Alberta, British Columbia, and the Northwest Territories. International operations are currently active in the Middle East and former Soviet Republics.
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