DGAP-News: Coastal Energy Company /
Coastal Shareholders Vote in Favor of Merger
06.01.2014 / 19:32
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HOUSTON, 2014-01-06 19:32 CET (GLOBE NEWSWIRE) --
Coastal Energy Company ('Coastal') (TSX:CEN) (AIM:CEO) announced today that its
shareholders have voted to approve the merger (the 'Merger') with Condor
Acquisition (Cayman) Limited ('Purchaser'). As previously announced on November
19, 2013, Purchaser, a newly-incorporated entity controlled by Companyia
Espanyola de Petroleos, S.A.U. ('CEPSA') and in which Strategic Resources
(Global) Limited ('SRG') is an investor, entered into a definitive merger
agreement with Coastal pursuant to which it would acquire all of Coastal's
issued and outstanding shares. The Merger was approved by 97.56% of the votes
cast at Coastal's extraordinary meeting of shareholders. Under the terms of the
Merger, Coastal shareholders will receive consideration of C$19.00 in cash for
each common share of Coastal (each, a 'Common Share').
The Merger is expected to become effective as soon as practicable following the
satisfaction or waiver of certain conditions specified in the merger agreement
(the 'Effective Date'). Upon completion of the Merger, Coastal will become a
wholly owned subsidiary of Purchaser and the Common Shares will be delisted
from the Toronto Stock Exchange ('TSX') as soon as practicable following the
Effective Date. In addition, provided the Merger has been completed prior to
such time, the depositary interests representing Common Shares will be delisted
from the AIM market operated by the London Stock Exchange plc ('AIM') with
effect from 7:00 am (UK time) on January 16, 2014.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws and which are
based on the expectations, estimates and projections of management of the
parties as of the date of this news release unless otherwise stated. More
particularly and without limitation, this news release contains forward-looking
statements and information concerning the anticipated timing of the completion
of the Merger, the delisting of Common Shares from the TSX and the delisting of
depositary interests representing Common Shares from the AIM.
Forward-looking statements are defined by applicable securities legislation and
are qualified by the inherent risks and uncertainties surrounding future
expectations generally and also may materially differ from actual future
experience involving any one or more of such statements. Such risks and
uncertainties include: uncertainties as to the timing of the Merger; the
possibility that various closing conditions for the Merger may not be satisfied
or waived; the possibility that various regulatory or other approvals will not
be granted; the satisfaction of various other conditions to the completion of
the Merger as contemplated by the merger agreement; the anticipated timing of
the delisting of the Common Shares and the depositary interests representing
Common Shares from the TSX and AIM, respectively; and the possibility that
expected benefits may not materialize as expected.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on other factors that could affect the operations or
financial results of the parties is included in reports on file with the
applicable securities authorities. The forward-looking statements and
information contained in this news release are made as of the date hereof and
the parties undertake no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
About Coastal
Coastal is an international exploration and production company with principal
assets in Thailand and Malaysia. Coastal owns and operates 100% of Blocks G5/43
and G5/50 in the Gulf of Thailand as well as varying interests onshore
northeast Thailand including a 13.7% interest in the Phu Horm gas field.
Coastal is also party to a Small Field Risk Service Contract with PETRONAS for
the development and production of petroleum from the Kapal, Banang and Meranti
cluster of small fields offshore Peninsular Malaysia.
About CEPSA
CEPSA is an integrated energy company operating at every stage of the oil value
chain, with more than 11,000 employees. It is engaged in petroleum and natural
gas exploration and production activities; refining, the transport and sale of
crude oil derivatives; petrochemicals, gas, and electricity. CEPSA is Spain's
fourth largest industrial group in terms of turnover and has been in the market
for more than 80 years. Through progressive internationalization of its
activities, CEPSA also has business interests in Algeria, Brazil, Canada,
Colombia, Panama, Peru and Portugal and sells its products all over the world.
CEPSA is wholly owned by International Petroleum Investment Company, which is
wholly owned by the Abu Dhabi government.
About SRG
SRG is a private investment holding company controlled by international value
investor Larry Low H P.
CONTACT: Coastal Energy Company
Email: investor@CoastalEnergy.com
+1 (713) 877-6793
NOMAD
Strand Hanson Limited (Nominated Adviser)
Rory Murphy / Andrew Emmott
+44 (0) 20 7409 3494
CEPSA
Ignacio Rodriguez-Solano
Ignacio.Rodriguez-Solano@cepsa.com
+34 91 3376766
SRG
Edelman on behalf of SRG
Lex.Suvanto@edelman.com / Samantha.Nelson@edelman.com
+1 212 729 2463
News Source: NASDAQ OMX
End of Corporate News
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Language: English
Company: Coastal Energy Company
United States
End of News DGAP News-Service
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247002 06.01.2014
DGAP-News: Coastal Shareholders Vote in Favor of Merger
| Source: EQS Group AG