Canada Southern Pleased with Strong Support for Canadian Oil Sands Offer
Canada Southern Petroleum Ltd. on Saturday acknowledged that Canadian Oil Sands has taken up and paid for approximately 65% of the outstanding common shares of Canada Southern validly deposited under its US$13.10 per share all-cash offer. In a press release earlier that day, Canadian Oil Sands also announced that it has elected to provide a subsequent offering period (a bid extension in Canada), during which shareholders who have yet to tender their shares may do so and participate in the US$13.10 per share all-cash offer. The subsequent offering period will expire at midnight (Pacific daylight time) on Wednesday, September 6th, 2006.
"We are very encouraged to see that the majority of Canada Southern shareholders have recognized the value and certainty of the Canadian Oil Sands offer and have tendered their shares to it," said Richard McGinity, Chairman of the Canada Southern Board. "The Canada Southern Board strongly recommends that those shareholders who have not already tendered to the Canadian Oil Sands offer do so before the subsequent offering period expires on September 6th."
Canadian Superior's 'Participating Consideration' No Longer Available
The Canada Southern Board also notes that, based on the conditions set forth in Canadian Superior Energy Inc.'s ("Canadian Superior") amended offer dated August 9th, 2006, with Canadian Oil Sands exceeding its minimum tender condition of 50.01%, Canadian Superior is no longer offering the so-called "Participating Consideration" of 2 common shares of Canadian Superior, plus Cdn$2.50 cash, plus one "Special Exchangeable Share" for each Canada Southern share.
The only consideration Canadian Superior is now offering is the so-called "Original Consideration" of 2.75 common shares of Canadian Superior plus Cdn $2.50 cash for each Canada Southern share, which, as of the close of the market Friday, August 18th, was valued at only US$7.97.
If shareholders have already tendered to the current Canadian Superior offer, the Board recommends that shareholders withdraw them immediately. For assistance in doing so, shareholders are urged to contact The Proxy Advisory Group at toll free 1-866-678-1770.
Canada Southern Petroleum Ltd. is an independent energy company based in Calgary, Alberta, Canada. The Company is engaged in oil and gas exploration and development, with its primary interests in producing properties in the Yukon Territory and British Columbia, Canada. The Company also owns varying interests in seven Significant Discovery Licenses located in the Arctic Islands in Northern Canada.
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Company: Canada Southern Petroleum Ltd. more info
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Company: Canadian Oil Sands Trust more info
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