Gear Energy Ltd. Reiterates Voting Instructions for Shareholder Meeting and Announces Leading Proxy Advisor Recommends Voting for Arrangement
Gear Energy (TSX: GXE, OTCQX: GENGF) has announced details for its upcoming shareholder meeting on February 3, 2025, regarding a proposed arrangement where a large publicly traded company will acquire Gear's heavy oil assets for $110 million in cash. As part of the transaction, Gear's light oil assets will be transferred to a new entity, Lotus Creek Exploration, which will be owned by former Gear shareholders.
Shareholders can elect to receive either $0.607 in cash per share, 0.3035 Lotus Creek shares, or a combination. The total distribution is to $80 million and 40 million Lotus Creek shares, subject to proportionate adjustments. Leading proxy advisor ISS has recommended shareholders vote FOR the arrangement, highlighting its positive features.
The voting deadline is January 30, 2025, at 10:00 a.m. (Calgary time), with the election deadline at 4:30 P.M. on the same day.
Gear Energy (TSX: GXE, OTCQX: GENGF) ha annunciato i dettagli per la sua prossima assemblea degli azionisti del 3 febbraio 2025, riguardante un accordo proposto in cui una grande azienda quotata in borsa acquisirà gli asset di petrolio pesante di Gear per 110 milioni di dollari in contanti. Come parte della transazione, gli asset di petrolio leggero di Gear saranno trasferiti a una nuova entità, Lotus Creek Exploration, che sarà di proprietà degli ex azionisti di Gear.
Gli azionisti possono scegliere di ricevere o 0,607 dollari in contanti per azione, 0,3035 azioni di Lotus Creek, o una combinazione. La distribuzione totale ammonta a 80 milioni di dollari e 40 milioni di azioni Lotus Creek, soggetta ad aggiustamenti proporzionali. Il principale consulente per i diritti di voto ISS ha raccomandato agli azionisti di votare a favore dell'accordo, evidenziando le sue caratteristiche positive.
Il termine per il voto è il 30 gennaio 2025, alle 10:00 (ora di Calgary), con il termine per l'elezione fissato alle 16:30 dello stesso giorno.
Gear Energy (TSX: GXE, OTCQX: GENGF) ha anunciado detalles sobre su próxima reunión de accionistas el 3 de febrero de 2025, respecto a un acuerdo propuesto en el que una gran empresa que cotiza en bolsa adquirirá los activos de petróleo pesado de Gear por 110 millones de dólares en efectivo. Como parte de la transacción, los activos de petróleo ligero de Gear se transferirán a una nueva entidad, Lotus Creek Exploration, que será propiedad de los antiguos accionistas de Gear.
Los accionistas pueden optar por recibir 0,607 dólares en efectivo por acción, 0,3035 acciones de Lotus Creek, o una combinación. La distribución total asciende a 80 millones de dólares y 40 millones de acciones de Lotus Creek, sujeta a ajustes proporcionales. El principal asesor de acciones ISS ha recomendado a los accionistas que voten A FAVOR del acuerdo, destacando sus características positivas.
La fecha límite para votar es el 30 de enero de 2025, a las 10:00 a.m. (hora de Calgary), con la fecha límite para la elección a las 4:30 p.m. del mismo día.
기어 에너지 (TSX: GXE, OTCQX: GENGF)는 2025년 2월 3일 예정된 주주 총회에 대한 세부사항을 발표했습니다. 이번 총회는 대형 상장 기업이 기어의 중유 자산을 현금 1억 1천만 달러에 인수하는 안건을 다룰 예정입니다. 거래의 일환으로 기어의 경유 자산은 새로운 실체인 로터스 크릭 탐사로 이전되며, 이는 기어의 기존 주주들이 소유하게 됩니다.
주주들은 주당 현금 0.607달러, 0.3035 로터스 크릭 주식, 또는 두 가지의 조합을 받을 수 있습니다. 총 배분 금액은 8천만 달러 및 4천만 로터스 크릭 주식으로 조정이 가능합니다. 주요 위임자문 기관인 ISS는 주주들에게 이 안건에 찬성할 것을 권장하며, 그 긍정적인 특징을 강조했습니다.
투표 마감일은 2025년 1월 30일 오전 10시(캘거리 시간)이며, 선거 마감일은 같은 날 오후 4시 30분입니다.
Gear Energy (TSX: GXE, OTCQX: GENGF) a annoncé les détails de sa prochaine assemblée des actionnaires qui se tiendra le 3 février 2025, concernant un arrangement proposé par lequel une grande entreprise cotée en bourse acquérera les actifs de pétrole lourd de Gear pour 110 millions de dollars en espèces. Dans le cadre de la transaction, les actifs de pétrole léger de Gear seront transférés à une nouvelle entité, Lotus Creek Exploration, qui sera détenue par les anciens actionnaires de Gear.
Les actionnaires peuvent choisir de recevoir soit 0,607 dollar en espèces par action, 0,3035 actions de Lotus Creek, ou une combinaison des deux. La distribution totale s'élève à 80 millions de dollars et 40 millions d'actions de Lotus Creek, sous réserve d'ajustements proportionnels. Le principal conseiller en vote ISS a recommandé aux actionnaires de voter POUR l'arrangement, en mettant en avant ses caractéristiques positives.
La date limite de vote est le 30 janvier 2025, à 10h00 (heure de Calgary), avec la date limite d'élection fixée à 16h30 le même jour.
Gear Energy (TSX: GXE, OTCQX: GENGF) hat Einzelheiten zur bevorstehenden Hauptversammlung der Aktionäre am 3. Februar 2025 bekannt gegeben, die einen vorgeschlagenen Zusammenschluss betrifft, bei dem ein großes börsennotiertes Unternehmen die Schwerölvorräte von Gear für 110 Millionen Dollar in bar erwerben wird. Im Rahmen der Transaktion werden die Leichtölvorräte von Gear an eine neue Einheit, Lotus Creek Exploration, übertragen, die im Besitz der ehemaligen Gear-Aktionäre sein wird.
Die Aktionäre können wählen, ob sie entweder 0,607 Dollar in bar pro Aktie, 0,3035 Lotus Creek Aktien oder eine Kombination davon erhalten möchten. Die Gesamtauszahlung beläuft sich auf 80 Millionen Dollar und 40 Millionen Lotus Creek Aktien, unter Vorbehalt proportionaler Anpassungen. Der führende Proxy-Berater ISS hat den Aktionären empfohlen, für den Zusammenschluss zu stimmen, wobei die positiven Aspekte hervorgehoben werden.
Die Frist für die Stimmabgabe ist der 30. Januar 2025, um 10:00 Uhr (Kalgarizeit), wobei die Frist für die Wahl um 16:30 Uhr am selben Tag endet.
- Acquisition deal valued at $110 million in cash for heavy oil assets
- Shareholders to receive either $0.607 per share or 0.3035 Lotus Creek shares
- Leading proxy advisor ISS recommends voting FOR the arrangement
- Shareholders retain ownership in light oil assets through Lotus Creek Exploration
- cash distribution of $80 million may result in forced share allocation
- Shareholders' preferred election method may be adjusted due to distribution limits
Special Meeting of Gear Shareholders to be held on February 3, 2025 at 10:00 a.m. (Calgary time) (the "Meeting")
Calgary, Alberta--(Newsfile Corp. - January 27, 2025) - Gear Energy Ltd. ("Gear" or the "Company") (TSX: GXE) (OTCQX: GENGF) reiterates instructions to shareholders of Gear (the "Gear Shareholders") on how to vote their Gear common shares (the "Gear Shares") for the previously announced plan of arrangement (the "Arrangement"), pursuant to which a large publicly traded company will acquire Gear, including all of its heavy oil assets (other than its Tucker Lake property) for
VOTING INSTRUCTIONS
Gear's management information circular and proxy statement (the "Circular") together with all other meeting materials were mailed to Gear Shareholders on January 13, 2025. All Gear Shareholders should have received their physical Circular and other meeting materials; however, if you have not received the Circular you can access the Circular on Gear's website at: https://gearenergy.com/wp-content/uploads/2025/01/Information_Circular.pdf and the Circular and all other meeting materials can be accessed on Gear's profile on SEDAR+ (www.sedarplus.ca). Whether or not you have received the physical mailing of the Circular and other meeting materials, you can still vote your Gear Shares.
If you hold your Gear Shares in a brokerage account (including in a direct investing or other discount brokerage or trading account), and are therefore a "Beneficial Shareholder", you should contact your broker (or help line for a direct investing or other discount brokerage or trading account) who can provide you with a 16 digit control number which can be used to vote. Once you have received your control number you can vote online at www.proxyvote.com or by phone at 1-800-474-7493 (Canada) or 1-800-454-8683 (United States).
If you do not hold your Gear Shares in a brokerage account and instead hold them directly in your own name (in which case you would have a physical share certificate or a direct registration system statement), and are therefore a "Registered Shareholder" you can contact Gear's transfer agent, Odyssey Trust Company by phone at 1-888-290-1175 (U.S. and Canada toll-free) or by email at shareholders@odysseytrust.com who can provide you with a 12 digit control number which can be used to vote online at https://login.odysseytrust.com/pxlogin.
The deadline for Gear Shareholders to vote is Thursday, January 30, 2025 at 10:00 a.m. (Calgary time). In order to be valid and acted upon at the Meeting, your proxy or voting instructions must be received prior to this time. Gear has the right to accept late proxies and waive the proxy cutoff, with or without notice.
The Board of Directors of Gear (the "Gear Board") unanimously recommends that Gear Shareholders vote FOR the Arrangement.
ELECTION
Gear Shareholders can elect to receive:
$0.60 7 in cash per Gear Share;- 0.3035 of a share of Lotus Creek (a "Lotus Creek Share"); or
- a combination thereof.
There is only
If you are a Beneficial Shareholder, you can only make your election through your broker or otherwise through your trading account. If your broker or administrator of your brokerage or trading account has not contacted you about your election, contact your broker (or help line for a direct investing or other discount brokerage or trading account).
Registered Shareholders should have received a letter of transmittal and election form from Odyssey Trust Company with the Circular, which can be used to make your election. If you are a Registered Shareholder and have not received your letter of transmittal and election form, contact Odyssey Trust Company by phone at 1-888-290-1175 or by e-mail at corp.actions@odysseytrust.com.
The deadline for making elections is 4:30 P.M. (Calgary time) on January 30, 2025 (this deadline may be earlier for Beneficial Shareholders). If you do not make an election, you will receive the cash consideration for
LEADING INDEPENDENT PROXY ADVISOR RECOMMENDATIONS
Gear is also pleased to announce that leading independent proxy advisor, ISS, has issued a recommendation that Gear Shareholders vote FOR the Arrangement highlighting the positive features of the Arrangement for Gear Shareholders and the process undertaken by the Gear Board in approving the Transaction.
ISS also recommends that Gear Shareholders vote FOR the other matters to be considered at the Meeting including the approval of an option plan for Lotus Creek (the "Lotus Creek Option Plan") and a shareholder protection right plan for Lotus Creek (the "Lotus Creek Shareholder Rights Plan").
As an independent proxy advisory firm, ISS has approximately 3,400 clients including many of the world's leading institutional investors who rely on ISS's objective and impartial analysis to make important voting decisions.
Further details regarding the Transaction (including details regarding Lotus Creek), Lotus Creek Option Plan and Lotus Creek Shareholder Rights Plan, are included in the "Circular, which is available on Gear's website at https://gearenergy.com/wp-content/uploads/2025/01/Information_Circular.pdf and on SEDAR+ (www.sedarplus.ca). All Gear Shareholders are urged to read the Circular as it contains additional important information concerning the Transaction and the Lotus Creek assets.
The Meeting of Gear Shareholders to consider the Arrangement, Lotus Creek Option Plan and Lotus Creek Shareholder Rights Plan will be held at 2400, 525 - 8th Avenue S.W, Calgary, Alberta, on February 3, 2025 at 10:00 a.m. (Calgary time).
FOR FURTHER INFORMATION PLEASE CONTACT:
Kevin Johnson
President & CEO
403-538-8463
Email: info@gearenergy.com
Website: www.gearenergy.com
David Hwang
Vice President Finance & CFO
403-538-8437
Forward-looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to the following: the expected timing for holding the Meeting; the deadline for voting Gear Shares; the deadline for making elections of consideration to be received pursuant to the Arrangement; and the possibility of Gear Shareholders receiving adjustments of the cash and/or Lotus Creek Shares to be received pursuant to the Arrangement.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Gear including, without limitation: the Meeting will be held when expected; the amount of cash available to Lotus Creek on closing of the Transaction; the expectation that Gear will receive shareholder approval and all other necessary approvals for closing the Transaction; that all conditions of closing the Transaction will be met; and that the Transaction will close on the timeline expected. Gear believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: the risk that the amount of cash available to Lotus Creek may be less than expected; the risk that Gear will not receive shareholder approval and all other necessary approvals for closing the Transaction; the risk that all conditions of closing the Transaction will not be met; the risk that the Transaction will not close in the timeline expected. In addition, forward-looking information and statements are subject to certain other risks detailed from time to time in Gear's public documents including in Gear's most current annual information form which is available on SEDAR+ at www.sedarplus.ca.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and neither Gear nor Lotus Creek assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238506
FAQ
What is the cash value per share offered to GENGF shareholders in the 2025 arrangement?
How many Lotus Creek shares will GENGF shareholders receive per share in the 2025 deal?
When is the voting deadline for GENGF shareholders on the 2025 arrangement?
What assets will Lotus Creek receive from GENGF in the 2025 arrangement?
What is the total cash consideration in the GENGF acquisition deal?
