Update on Regulatory Conditions for Acquisition of i3 Energy Plc
Gran Tierra Energy Inc. and i3 Energy Plc have announced an update on regulatory conditions for their recommended cash and share acquisition. The advance ruling certificate under the Competition Act (Canada) has been obtained, satisfying one of the key conditions. The acquisition remains subject to other conditions, including approval by i3 Energy shareholders, court sanction, satisfaction of the NSTA Condition, the Minority Shareholder Protection Condition, and TSX approval. The full terms of the acquisition will be detailed in the Scheme Document, expected to be published within 28 days. The financial terms of the acquisition will not be increased, except under specific circumstances. The announcement also includes important notices regarding overseas shareholders and jurisdictional restrictions.
Gran Tierra Energy Inc. e i3 Energy Plc hanno annunciato un aggiornamento sulle condizioni regolatorie per la loro acquisizione consigliata in contante e azioni. È stato ottenuto il certificato di pronuncia anticipata ai sensi della Legge sulla concorrenza (Canada), soddisfacendo una delle condizioni chiave. L'acquisizione resta soggetta ad altre condizioni, tra cui l'approvazione degli azionisti di i3 Energy, l'autorizzazione del tribunale, la soddisfazione della Condizione NSTA, la Condizione di Protezione degli Azionisti Minori e l'approvazione da parte della TSX. I termini completi dell'acquisizione saranno dettagliati nel Documento di Piano, che si prevede venga pubblicato entro 28 giorni. I termini finanziari dell'acquisizione non saranno aumentati, salvo specifiche circostanze. L'annuncio include anche importanti avvisi riguardo agli azionisti esteri e alle restrizioni giurisdizionali.
Gran Tierra Energy Inc. e i3 Energy Plc han anunciado una actualización sobre las condiciones regulatorias para su adquisición recomendada en efectivo y acciones. Se ha obtenido el certificado de decisión anticipada bajo la Ley de Competencia (Canadá), satisfaciendo una de las condiciones clave. La adquisición sigue estando sujeta a otras condiciones, incluyendo la aprobación de los accionistas de i3 Energy, la sanción judicial, la satisfacción de la Condición NSTA, la Condición de Protección de Accionistas Minoritarios y la aprobación de la TSX. Los términos completos de la adquisición se detallarán en el Documento del Esquema, que se espera que se publique en 28 días. Los términos financieros de la adquisición no se incrementarán, salvo en circunstancias específicas. El anuncio también incluye avisos importantes sobre accionistas en el extranjero y restricciones jurisdiccionales.
Gran Tierra Energy Inc.과 i3 Energy Plc가 권장하는 현금 및 주식 인수에 대한 규제 조건 업데이트를 발표했습니다. 예비 ruling certificate가 경쟁법(캐나다) 하에 확보되어, 주요 조건 중 하나가 충족되었습니다. 인수는 i3 Energy 주주들의 승인, 법원의 제재, NSTA 조건의 충족, 소수 주주 보호 조건, TSX 승인 등 다른 조건에 여전히 달려 있습니다. 인수의 전체 조건은 28일 내에 발표될 예정인 Scheme 문서에 상세히 설명됩니다. 특정 상황을 제외하고 인수의 재정 조건은 증가하지 않습니다. 이 발표에는 해외 주주와 관할권 제한에 대한 중요한 통지가 포함되어 있습니다.
Gran Tierra Energy Inc. et i3 Energy Plc ont annoncé une mise à jour des conditions réglementaires pour leur acquisition recommandée en espèces et en actions. Le certificat de décision anticipée en vertu de la Loi sur la concurrence (Canada) a été obtenu, satisfaisant ainsi l'une des conditions clés. L'acquisition reste soumise à d'autres conditions, y compris l'approbation des actionnaires d'i3 Energy, l'homologation du tribunal, la satisfaction de la Condition NSTA, la Condition de Protection des Actionnaires Minoritaires et l'approbation de la TSX. Les termes complets de l'acquisition seront détaillés dans le Document du Schéma, qui devrait être publié dans les 28 jours. Les termes financiers de l'acquisition ne seront pas augmentés, sauf dans des circonstances spécifiques. L'annonce comprend également des avis importants concernant les actionnaires étrangers et les restrictions juridictionnelles.
Gran Tierra Energy Inc. und i3 Energy Plc haben ein Update zu den regulatorischen Bedingungen für ihre empfohlene Bar- und Aktienakquisition angekündigt. Das Vorabentscheidungszertifikat gemäß dem Wettbewerbsrecht (Kanada) wurde erlangt, was eine der entscheidenden Bedingungen erfüllt. Die Akquisition unterliegt weiterhin anderen Bedingungen, einschließlich der Genehmigung durch die Aktionäre von i3 Energy, der gerichtlichen Genehmigung, der Erfüllung der NSTA-Bedingung, der Schutzbedingung für Minderheitsaktionäre und der Genehmigung der TSX. Die vollständigen Bedingungen der Akquisition werden im Scheme-Dokument detailliert, das innerhalb von 28 Tagen veröffentlicht werden soll. Die finanziellen Bedingungen der Akquisition werden nicht erhöht, außer unter bestimmten Umständen. Die Ankündigung enthält auch wichtige Hinweise zu ausländischen Aktionären und gesetzlichen Einschränkungen.
- Advance ruling certificate under the Competition Act (Canada) obtained
- Progress in satisfying regulatory conditions for the acquisition
- Acquisition still subject to several other conditions
- Financial terms of the acquisition will not be increased except under specific circumstances
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
For immediate release
CALGARY, Alberta, Aug. 27, 2024 (GLOBE NEWSWIRE) --
Recommended And Final* Cash And Share Acquisition
of
i3 Energy Plc ("i3 Energy")
by
Gran Tierra Energy Inc. ("Gran Tierra")
to be effected by means of a scheme of arrangement
under Part 26 of the Companies Act 2006
27 August 2024
Update on Regulatory Conditions
On 19 August 2024, the boards of directors of i3 Energy and Gran Tierra announced pursuant to Rule 2.7 of the City Code on Takeovers and Mergers (the "2.7 Announcement") that they had reached agreement on the terms of a recommended and final* cash and share offer by Gran Tierra for i3 Energy pursuant to which Gran Tierra will acquire the entire issued and to be issued share capital of i3 Energy (the "Acquisition"), intended to be effected by means of a Court-sanctioned scheme of arrangement between i3 Energy and i3 Energy Shareholders under Part 26 of the Companies Act (the "Scheme").
Capitalised terms used but not defined in this announcement have the meaning given to them in the 2.7 Announcement, unless the context requires otherwise.
Gran Tierra and i3 Energy are pleased to announce that the advance ruling certificate in respect of the Acquisition under the Competition Act (Canada) has been obtained. As a result, Condition 3(e)(ii) as set out in Part A of Appendix 1 of the 2.7 Announcement has now been satisfied.
The Acquisition will remain subject to certain other Conditions, the approval of the Scheme by the i3 Energy Shareholders, the sanction of the Scheme by the Court, the satisfaction of the NSTA Condition, the Minority Shareholder Protection Condition and the approval of the TSX. The full terms and conditions of the Acquisition will be set out in the Scheme Document which, together with the Forms of Proxy and Forms of Election (and/or where required, Letters of Transmittal) in relation to the Mix and Match Facility, is expected to be published as soon as practicable and in any event within 28 days of the date of the Rule 2.7 Announcement (or such later date as may be agreed by Gran Tierra and i3 Energy with the consent of the Panel). A further announcement will be made as soon as an update is available on satisfaction of the remaining conditions.
Enquiries:
| Gran Tierra Gary Guidry Ryan Ellson | +1 (403) 265 3221 |
| i3 Energy Majid Shafiq (CEO) | c/o Camarco Tel: +44 (0) 203 757 4980 |
| Stifel Nicolaus Europe Limited (Joint Financial Adviser to Gran Tierra) Callum Stewart Simon Mensley | +44 (0) 20 7710 7600 |
| Eight Capital (Joint Financial Adviser to Gran Tierra) Tony P. Loria Matthew Halasz | +1 (587) 893 6835 |
| Zeus Capital Limited (Rule 3 Financial Adviser, Nomad and Joint Broker to i3 Energy) James Joyce, Darshan Patel, Isaac Hooper | +44 (0) 203 829 5000 |
| Tudor, Pickering, Holt & Co. Securities – Canada, ULC (Financial Adviser to i3 Energy) Brendan Lines | +1 403 705 7830 |
| National Bank Financial Inc. (Financial Adviser to i3 Energy) Tarek Brahim Arun Chandrasekaran | +1 403 410 7749 |
| Camarco Andrew Turner Violet Wilson Sam Morris | +44 (0) 203 757 4980 |
No increase statement
The financial terms of the Acquisition will not be increased save that Gran Tierra reserves the right to revise the financial terms of the Acquisition in the event: (i) a third party, other than Gran Tierra, announces a firm intention to make an offer for i3 Energy on more favourable terms than Gran Tierra’s Acquisition; or (ii) the Panel otherwise provides its consent.
Important notices
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of the Company who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore, any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of the Company who are not resident in the United Kingdom will need to inform themselves about, and observe any, applicable requirements.
Further Information
This announcement is for information purposes only and is not intended to and does not constitute, or form part of, any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in relation to the Acquisition or the Scheme or otherwise, in any jurisdiction in which such offer, invitation or solicitation is unlawful.
The Acquisition will be made solely by the Scheme Document, the Forms of Proxy and Forms of Election (and/or where required, Letters of Transmittal), which together contain the full terms and conditions of the Acquisition, including details of how the Acquisition may be approved.
This announcement has been prepared for the purpose of complying with the laws of England and Wales and the Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside of England and Wales. Nothing in this announcement should be relied on for any other purpose.
This announcement does not constitute a prospectus or prospectus exempted document.
Overseas Shareholders
The availability of the Acquisition to i3 Energy Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Any person outside the United Kingdom or who are subject to the laws and/regulations of another jurisdiction should inform themselves of, and should observe, any applicable legal and/or regulatory requirements.
The release, publication or distribution of this announcement in or into or from jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, such restrictions. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.
Unless otherwise determined by Gran Tierra or required by the Code and permitted by applicable law and regulation, the Acquisition will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Acquisition by any such use, means, instrumentality or form (including, without limitation, facsimile, email or other electronic transmission, telex or telephone) within any Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this announcement and all documents relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this document and all documents relating to the Acquisition (including custodians, nominees and trustees) must observe these restrictions and must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws in that jurisdiction. Doing so may render invalid any purported vote in respect of the Acquisition.
Publication on Website
In accordance with Rule 26.1 of the Code a copy of this announcement will be available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on the investor relations section of Gran Tierra's website at https://www.grantierra.com/investor-relations/recommended-acquisition/ by no later than 12.00 noon (London time) on the business day immediately following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
FAQ
What is the status of Gran Tierra Energy's (GTE) acquisition of i3 Energy?
When will the Scheme Document for Gran Tierra Energy's (GTE) acquisition be published?
Can Gran Tierra Energy (GTE) increase the financial terms of the i3 Energy acquisition?
What are the remaining conditions for Gran Tierra Energy's (GTE) acquisition of i3 Energy?
