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Verenex Securityholders Approve Arrangement of LIA

Source: www.gulfoilandgas.com 12/11/2009, Location: Africa

Verenex Energy Inc is pleased to announce that at the special meeting of its securityholders held, the previously announced plan of arrangement was approved by more than 99.95% of the votes cast by the security holders. Pending the satisfaction of certain conditions, including approval by the Court of Queen's Bench of Alberta and approval under the Investment Canada Act, the arrangement will result in the Libyan Investment Authority, through its subsidiary, acquiring all of the issued and outstandingshares of Verenex.

The final amount of the working capital component of the cash purchase consideration for each Verenex share is to be determined after final court approval is obtained and before closing. The previously announced cash purchase consideration of $7.24 per share (including the working capital component) is still within range.

Verenex is a Canada-based, international oil and gas exploration and production company with a world-class discovered resource base and exploration portfolio in the Ghadames Basin in Libya.

The Libyan Investment Authority is a sovereign wealth fund established in 2006 by the General People's Committee of Libya to manage Libya's surplus oil revenues.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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