Verenex Energy announced the completion today of the previously announced plan of arrangement. The Arrangement was carried out pursuant to the arrangement agreement dated November 5, 2009 among Verenex, the Libyan Investment Authority (the "LIA") and a subsidiary of the LIA. Under the Arrangement, the LIA, through its subsidiary, acquired all of the issued and outstanding Verenex shares at a price per share equal to $7.0906 plus an additional working capital amount per share in the amount of $0.1976. The resulting total cash consideration per share was $7.2882, for an aggregate cash consideration of approximately $360 million (comprised of the $350 million paid by the LIA and payout of $9.763 million in working capital). The common shares of Verenex are expected to be de-listed from the TSX on or about December 24, 2009.
The LIA is a sovereign wealth fund established in 2006 by the General People's Committee of Libya to manage Libya's surplus oil revenues.
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