Razor,
It looks like HHLF is going to give a cash distribution of $4 a share, Canadian, to it's shareholders.
I guess this means I'm going to have to buy you a beer at some point in the future. Maybe at a UT-Arkansas game. :o)
Paul
Tuesday May 15, 11:45 am Eastern Time
Hurricane to recommend payout to shareholders
CALGARY, Alberta, May 15 (Reuters) - Hurricane Hydrocarbons Ltd. (Toronto:HHLa.TO - news), which is trying to fend off a bid for control from its major investor, said on Tuesday its special directors committee would recommend issuing $200 million in subordinated debentures to shareholders.
The bond issue, which requires board approval, would translate into a distribution of about C$4 a share, said Hurricane, known for its oil production and refinery in Kazakhstan.
The company said plans to return $200 million to shareholders had been under consideration since last March.
Since then, Central Asian Industrial Holdings, an affiliate of Kazakhstan banking group Kazkommertsbank, has offered C$10.25 ($6.61) for each of 18.4 million Hurricane shares, which would lift its stake to more than 50 percent from about 30 percent. Hurricane has rejected the offer.
Shares of Hurricane were halted in Toronto on Tuesday for the announcement. They last traded at C$10.49.
($1 equals $1.55 Canadian) |
