Taqa's PrimeWest Acquisition Wins Canadian Approval
PrimeWest Energy has been informed by Abu Dhabi National Energy Company PJSC ("TAQA"), that the Minister of Industry has notified TAQA that he is satisfied that the proposed acquisition of PrimeWest by 1350849 Alberta Ltd. and TAQA North Ltd. on the terms and conditions set forth in an arrangement agreement dated September 24, 2007 is likely to be of net benefit to Canada, as required by the Investment Canada Act.
The Arrangement is subject to a number of conditions including, but not limited to, court approval and other conditions that are typical of transactions of this nature. In particular, the approval of at least 66 2/3% of the Securityholders, voting together as a single class, represented in person or by proxy at the Special Meeting of Securityholders is required. All Securityholders are encouraged to vote in person or by proxy at the Special Meeting. Further details on the expected timing of completion of the transaction will be provided in a further news release when this information is available.
In accordance with the terms of the Arrangement, and the determination of the Board of Directors, PrimeWest today announces a distribution of $0.25 per Trust Unit payable December 14, 2007 to unitholders of record on December 5, 2007. The ex-distribution date will be December 3, 2007. PrimeWest exchangeable shareholders will see the normal increase in the exchange ratio in lieu of the cash distribution, effective as of the distribution payment date. However, if the transaction is completed on or before the record date of December 5, 2007, Purchaser will have acquired all of the units and therefore no further distribution will be paid to existing unitholders. As previously announced, the premium distribution, distribution reinvestment, and optional trust unit purchase plans were suspended effective with distributions paid after October 15, 2007.
- TAQA Completes Acquisition of $4.5 Billion PrimeWest Energy Trust (Jan 16)
- Taqa Expects to Complete PrimeWest Acquisition by Mid-January (Dec 05)
- Taqa's PrimeWest Acquisition Wins Canadian Approval (Nov 20)
Company: Abu Dhabi National Energy Co.(TAQA) more info
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