Pacific Rubiales has appointed Citivalores S.A. Sociedad Comisionista de Bolsa in Colombia to advise the company on the listing of its shares on the "RNVE", the Registro Nacional de Valores y Emisores in Colombia, as well as on the "BVC", the Bolsa de Valores de Colombia. Both listings will qualify as secondary listings, and the company's primary exchange will remain the Toronto Stock Exchange.
If these applications are accepted, Pacific Rubiales will become the first foreign issuer to be listed on the BVC. The dual listings will enable the company to expand its institutional and retail investor base in the country where it has the majority of its operations and where the capital markets are rapidly growing within the Andean region. The company does not anticipate making an offering in conjunction with these listings and therefore there will be no dilution to existing shareholders.
Ronald Pantin, Chief Executive Officer, commented: "We believe that this listing will broaden our shareholder base and raise our profile in the region. It will also create opportunities for pension funds and individual shareholders in Colombia to invest in a company whose operations support the local economy."
The listing on the BVC will be subject to the local regulations applicable to foreign issuers, issued by the Superintendencia Financiera de Colombia, BVC, Central Depository System (DECEVAL) as well as any other regulation or authority that should apply to this transaction. The application process will take approximately six months, following the completion of all regulatory steps. All reporting and disclosure regulations, including corporate governance, voting rights and proxy voting will be in accordance with Canadian and Colombian regulations, as applicable to foreign investors.
Pacific Rubiales will appoint a depository agent in Colombia to maintain shareholder records and this agent will be responsible for dividend payments and all other matters regarding shareholder rights, as determined by the company's shareholders.
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