British Columbia Supreme Court Approves Bankers' TSX Spinout
BNK Petroleum Inc. has announced that on July 2, 2008, Bankers Petroleum Ltd. received approval of the British Columbia Supreme Court for its plan of arrangement pursuant to which all of Bankers U.S.
operations and assets will be spun out into BNK Petroleum Inc.
BNK Petroleum has now been approved for listing and trading on the Toronto Stock Exchange under the symbol BKX. In addition, all conditions to the Arrangement were either met or waived. As such, the Court's final order was filed with the Registrar of Companies pursuant to the Business Corporations Act (British Columbia). Bankers and BNK Petroleum have since completed regulatory filings in connection with the Arrangement and the listing of BNK Petroleum on the TSX.
On Thursday, July 10, 2008, Bankers common shares will begin trading on TSX and AIM on an ex-BNK Petroleum basis and BNK Petroleum's common shares will also begin to trade on TSX on an "when issued" basis. The date and time for determining which Bankers shareholders are entitled to receive BNK Petroleum Shares will be on Monday, July 14, 2008 at 4:30 p.m. (Calgary time).
As such, the last day to acquire Bankers Shares on TSX or AIM in order to be entitled to receive BNK Petroleum Shares pursuant to the Arrangement will be Wednesday, July 9, 2008. Certificates representing BNK Petroleum Shares are expected to be sent to registered holders by Thursday, July 17, 2008.
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