Donnybrook record date for Cequence shares on April 12
2013-03-28 18:12 ET - News Release
Mr. Malcolm Todd reports
DONNYBROOK ANNOUNCES DETAILS OF ANTICIPATED DISTRIBUTION OF CEQUENCE SHARES
Further to the previously announced agreement to sell Donnybrook Energy Inc.'s interest in the Simonette and Resthaven oil and gas properties to Cequence Energy Ltd. for consideration consisting of 10.3 million common shares of Cequence and Cequence's interest in the Fir oil and gas property, by way of a plan of arrangement under the Business Corporations Act (Alberta), the proposed record date for the pro rata distribution of Cequence shares to holders of common shares of Donnybrook, by way of a return of capital under the arrangement, is April 12, 2013. The distribution is currently scheduled to be made on April 15, 2013.
Pursuant to the TSX Venture Exchange's due-bill trading procedures, trades of Donnybrook shares entered into from and including April 10, 2013, until April 15, 2013 (the anticipated effective date of the arrangement and distribution payment date), will have a due bill attached, which will allow the purchaser of Donnybrook shares to receive the applicable distribution of Cequence shares instead of the seller of Donnybrook shares, even if such trades are settled after the proposed April 12, 2013, distribution record date. Thus, any trades that are executed during the due-bill process will be automatically flagged to ensure that purchasers receive the entitlement and sellers do not.
Ex distribution trading of the Donnybrook shares will commence at the opening of the TSX Venture Exchange on April 16, 2013. Investors who enter into trades to purchase Donnybrook shares on or after the ex distribution date of April 16, 2013, will not be entitled to the distribution. The due bills will be redeemed on April 18, 2013, once all trades with attached due bills entered into up to April 15, 2013, have settled.
Further information regarding due bills and due-bill trading is included in Donnybrook's information circular and proxy statement dated March 15, 2013, that has now been mailed to Donnybrook shareholders (also available at SEDAR). The anticipated dates provided may change for a number of reasons, including inability to secure necessary shareholder, regulatory, court or other third party approvals, in the time assumed or the need for additional time to satisfy the other conditions to the completion of the arrangement. Accordingly, readers should not place undue reliance on the dates provided herein.
We seek Safe Harbor.