Ultra completes acquisition of Pendaries
Ultra Petroleum Corp UP
Shares issued 56,939,762 Jan 15 close $4.80
Tue 16 Jan 2001 News Release
Also Pendaries Petroleum Ltd (PDQ)
Mr. David Russell reports
All of the conditions for the acquisition of Pendaries by Ultra pursuant to
a plan of arrangement have been satisfied and the acquisition has now been
completed.
Under the plan of arrangement, Ultra acquired and is now deemed to be the
owner of all 9,490,470 issued and outstanding common shares of Pendaries.
The consideration for the acquisition of Pendaries is being satisfied by
the issuance by Ultra of approximately 14,994,958 common shares to the
former holders of Pendaries common shares. The common shares being issued
by Ultra pursuant to the plan of arrangement represent approximately 20 per
cent of the existing issued share capital of Ultra on a fully diluted
basis.
The common shares of Ultra, including the common shares being issued by
Ultra pursuant to the plan of arrangement will be listed on the American
Stock Exchange on Jan. 17, 2001, under the trading symbol UPL. The
56,939,762 common shares of Ultra are currently listed and posted for
trading on the Toronto Stock Exchange, and the shares being issued pursuant
to the plan of arrangement will also be listed on the TSE. The Pendaries
common shares will be delisted from the TSE and the American Stock Exchange
later this week.
Under the plan of arrangement, James Roe, currently a director of
Pendaries, is being appointed to the board of directors of Ultra.
Any Pendaries common share certificates that have not yet been mailed to
CIBC Mellon Trust Co. by former Pendaries shareholders now represent only
the right to receive 1.58 Ultra common shares for each Pendaries common
share held. Pendaries shareholders who have already submitted properly
completed letters of transmittal together with the applicable Pendaries
common share certificates will receive their Ultra common share
certificates by first class mail unless they have instructed CIBC Mellon
Trust Co. to hold their Ultra common share certificates for pickup. |
