DGAP-News: Coastal Energy Company /
Coastal Completes Merger With CEPSA
17.01.2014 / 23:02
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HOUSTON, 2014-01-17 23:02 CET (GLOBE NEWSWIRE) --
Coastal Energy Company ('Coastal') (TSX:CEN) (AIM:CEO) announces the successful
completion of the previously announced merger (the 'Merger') with Condor
Acquisition (Cayman) Limited (the '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. Pursuant to the
Merger, the Purchaser acquired all of Coastal's issued and outstanding shares
(the 'Common Shares') for consideration of C$19.00 per Common Share with effect
from January 17, 2014.
With the completion of the Merger, the Common Shares are expected to be
delisted from the Toronto Stock Exchange ('TSX') 2 to 4 business days following
closing. In addition, 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 21, 2014. Coastal intends
to apply to the relevant securities regulatory authorities to cease to be a
reporting issuer in the applicable jurisdictions in Canada.
Advisors and Legal Counsel
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as
financial advisors to Coastal. Stikeman Elliott LLP, Cleary Gottlieb Steen &
Hamilton LLP and Walkers acted as legal advisors to Coastal. Goldman Sachs
International acted as financial advisor to CEPSA. PriceWaterhouseCoopers acted
as a financial advisor to CEPSA and SRG. Freshfields Bruckhaus Deringer acted
as legal advisor to CEPSA. Blake, Cassels & Graydon LLP, Baker & McKenzie
International and Conyers Dill & Pearman acted as legal advisors to CEPSA and
SRG.
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 delisting
of Common Shares from the TSX, the delisting of depositary interests
representing Common Shares from AIM and the application by Coastal to the
relevant securities regulatory authorities to cease to be a reporting issuer in
the applicable jurisdictions in Canada.
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 the anticipated timing of the delisting of the Common
Shares and the depositary interests representing Common Shares from the TSX and
AIM, respectively.
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 Coastal 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 Coastal
undertakes 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 10,000 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 the Abu Dhabi sovereign wealth fund International
Petroleum Investment Company.
About SRG
SRG is a private investment holding company controlled by international value
investor Larry Low H P.
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 / Trevor.Gibbons@edelman.com
+1 212 729 2463
News Source: NASDAQ OMX
End of Corporate News
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Language: English
Company: Coastal Energy Company
3355 West Alabama
Houston TX 77098
Cayman Islands
Phone: +1 (713) 877-6725
Fax: +1 (713) 877-7144
E-mail: investor@coastalenergy.com
Internet: www.coastalenergy.com
ISIN: KYG224041189
Listed: Foreign Exchange(s) London, Toronto
End of News DGAP News-Service
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248560 17.01.2014
DGAP-News: Coastal Completes Merger With CEPSA
| Source: EQS Group AG