Attention Business Editors:
Bresea Resources Ltd.
CALGARY, Sept. 29 /CNW/ - PricewaterhouseCoopers Inc., as Interim
Receiver and Manager (the ``Interim Receiver') of Bresea Resources Ltd. is
pleased to announce that it convened a meeting of the Shareholders' Advisory
Committee on September 17th and 18th in Calgary. The Shareholders' Advisory
Committee was created pursuant to an order of the Alberta Court of Queen's
Bench and is:
a. to provide guidance to the Interim Receiver regarding the business and
affairs of the corporation;
b. to provide guidance to the Interim Receiver in connection with any
possible settlement discussions of the claims against Bresea;
c. to provide guidance to the Interim Receiver as to whether a
shareholders' meeting and a formal election of directors is feasible
and desirable;
d. if a shareholders' meeting is to be held to elect directors, to
provide guidance to the Interim Receiver in the selection of a slate
of qualified candidates to stand for election;
e. to provide guidance to the Interim Receiver in the event of a
take-over bid for the shares of Bresea or any other corporate
transaction; and
f. to provide guidance to the Interim Receiver in regards of all
derivative actions made on behalf of Bresea.
The Committee members present received a detailed briefing from the
Interim Receiver and its legal advisors, and extensive discussions took place
concerning the present situation of Bresea and its future prospects. Having
obtained the Committee's input, the Interim Receiver has determined that it
should:
a. immediately begin negotiations for the settlement of the outstanding
litigation against Bresea, conditional upon Court and shareholder
approval;
b. immediately engage investment advisors and undertake a search for
appropriate business opportunities for Bresea, subject to Court and
shareholder approval;
c. immediately commence work toward putting forward a plan of arrangement
under the provisions of the Canada Business Corporations Act to effect
a compromise of all claims, asserted and unasserted, against Bresea,
conditional upon Court and shareholder approval;
d. in conjunction with the foregoing, schedule a shareholders' meeting
for early in the year 2000;
e. take appropriate steps to ensure that all shareholders are kept
informed of the Interim Receiver's actions and to protect
shareholders' interests; and
f. notify shareholders who tendered to the cease-traded MacDonald offer
of their rights to retract their shares.
More details concerning the actions being undertaken by the Interim
Receiver will be posted on the Bresea website at www.bresea.com as they become
available.
The Interim Receiver anticipates that, with the input and guidance of the
Shareholders' Advisory Committee, it will be able to effect a compromise of
the claims against Bresea and restore it to active and profitable operation,
for the benefit of all of its stakeholders.
Questions or comments regarding the above, or in regards to any other
matter, can be sent to Bresea@ca.pwcglobal.com or by mail to:
PricewaterhouseCoopers
Suite 2100, 639 5th Avenue S.W.
Calgary, AB T2P 0M9
Attention: Geoff Varga
Please ensure that your request for information includes your name,
address and number of shares held.
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For further information: Geoff Varga, (403) 509-7321 |
