CALGARY, Sept. 29, 2016 /PRNewswire/ - Bankers
Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is
pleased to announce, with effect from today, the closing of its
previously announced plan of arrangement (the "Arrangement") with
affiliates of Geo-Jade Petroleum Corporation (collectively,
"Geo-Jade").
Pursuant to the Arrangement, Geo-Jade has acquired all the
issued and outstanding common shares of Bankers (the "Bankers
Shares") through its affiliates for a cash price
of C$2.20 per Bankers Share. It is expected that
the Bankers Shares will be delisted from the Toronto Stock Exchange
("TSX") in approximately three to four business days. The
Bankers Shares will also be delisted from the AIM market of the
London Stock Exchange and this cancellation of the AIM Bankers
Shares is expected to occur at 8:00 am
BST on 30 September 2016.
Bankers understands that beneficial shareholders, who hold their
common shares through an intermediary such as a bank, broker or
investment firm, should expect to receive payment approximately
five to seven business days after closing.
Registered shareholders of Bankers, who have not already done
so, should submit their certificates representing their Bankers
Shares along with a completed letter of transmittal to Alliance
Trust Company, in order to receive the consideration they are
entitled to pursuant to the Arrangement. Registered
shareholders are those that hold a physical certificate
representing their Bankers Shares. Letters of transmittal
were previously sent to registered Shareholders of Bankers and
additional copies may be obtained by contacting Alliance Trust
Company at 1-877-537-6111 or by emailing
inquiries@alliancetrust.ca. Shareholders who hold their
shares in a brokerage account should contact their investment
adviser in connection with submitting their Bankers Shares for
payment.
FirstEnergy Capital LLP acted as financial advisor to Bankers in
connection with the Arrangement. McCarthy Tétrault LLP acted
as legal advisors to Bankers with respect to the Arrangement.
Further details regarding the Arrangement can be found in the
Management Information Circular dated April
19, 2016 prepared in connection with the Arrangement and the
addendum thereto, each filed on SEDAR at www.sedar.com.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas
exploration and production company focused on developing large oil
and gas reserves in Albania and
Eastern Europe. In Albania,
Bankers operates and has the full rights to develop the
Patos-Marinza heavy oilfield, has a 100% interest in the Kuçova
oilfield, and a 100% interest in Exploration Block "F". In
2015 Bankers acquired an 85% interest in the rights to explore the
Püspökladány Block concession within the Pannonian Basin located in
north eastern Hungary. The Bankers Shares are traded on the
TSX and the AIM Market in London,
England under the stock symbol BNK.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR").
Caution Regarding Forward-looking Information
Certain information set forth in this press release,
including information and statements which may contain words such
as "could", "plans", "intends" "should", "anticipate", "expects",
"will", "propose", "opportunity", "future", "continue", and similar
expressions and statements relating to matters that are not
historical facts, contain forward-looking statements, including but
not limited to statements regarding: the delisting of the Bankers
Shares and the anticipated timing of payment to holders of Bankers
Shares of the consideration payable pursuant to the Arrangement.
By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Bankers'
control. The foregoing list is not exhaustive. Readers
are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The
actual results, performance or achievement of Bankers could differ
materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits that Bankers will derive therefrom. Bankers disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable securities
laws.
SOURCE Bankers Petroleum Ltd.
