Harvest Reaps Bulk of Grand Petroleum Shares
Harvest Energy Trust and Grand Petroleum Inc. announced that, in addition to the 21,310,419 common shares of Grand acquired by Harvest on July 31, 2007, an additional 5,868,377 common shares have been tendered under the extended offer.
Harvest has given instructions to the depository to take up and pay for all validly deposited shares of Grand under its extended offer. Subsequently, Harvest will hold 27,025,797 common shares of Grand representing approximately 94.6% of Grand's issued and outstanding shares. The previously announced offer by Harvest's wholly owned subsidiary, Harvest Grand Inc., to acquire all of the common shares of Grand at a price of $3.84 per share expired at 5 p.m. (Calgary time) on August 9, 2007.
Harvest Grand Inc. intends to acquire all of the remaining Grand shares not deposited under the Offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta) and the shares will be de-listed from the TSXV.
Harvest is one of Canada's largest energy royalty trusts offering unitholders exposure to an integrated structure with upstream and downstream operations. It is focused on identifying opportunities to create and deliver value to unitholders through monthly distributions and unit price appreciation. Harvest is a sustainable trust with current production from its oil and gas business weighted approximately 70% to crude oil and liquids and 30% to natural gas, and complemented by its long-life refining and marketing business.
- Harvest Reaps Bulk of Grand Petroleum Shares (Aug 10)
- Harvest Extends Purchase Offer of Grand Petroleum (Jul 27)
- Harvest Energy to Acquire Grand Petroleum (Jun 11)
Company: Harvest Energy Trust more info
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