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Gold/Mining/Energy : Orbit Oil and Gas (t.orb)

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To: Scott Mc who wrote (136)	11/28/1997 6:18:00 PM
From: Anthony Wong	Read Replies (1) of 171

Friday November 28, 4:20 pm Eastern Time Sunoma urges Orbit to waive poison pill CALGARY, Nov 28 (Reuters) - Sunoma Energy Corp said on Friday that Orbit Oil & Gas Ltd should waive its shareholder rights plan so its shareholders could reap the value from its C$73 million takeover bid. Sunoma also called on Orbit to bring forward any competing bids for the company that were higher than the C$1.70 per share offered by Sunoma on Thursday. ''Our offer of C$1.70 even exceeds our calculation of full and fair value,'' Sunoma Chief Executive Rick MacDermott said in a statement. ''We calculated the uppermost value from our research and went beyond that in order to make this a no contest bid. Given the lack of detail in Orbit's comments yesterday regarding prospective offers, Sunoma has serious questions about any suggestions of higher offers at this time,'' MacDermott said. Orbit Chief Executive Robert Lamond said on Thursday that Sunoma's bid was too low based on his company's prospects and that that he had already been contacted by other potential bidders. Sunoma announced its all-cash hostile offer on Thursday after it acquired a total of 6.9 percent of Orbit's shares. Sunoma is a private company owned by MacDermott and a group of U.S. energy funds organized by Fort Worth, Texas-based Natural Gas Partners Group. ''Our offer also represents a 55 percent premium to the C$1.10 offered for Orbit shares by Gulf Canada Resources Ltd (Toronto:GOU.TO - news) just two years ago,'' he said. ''It should be noted that Gulf Canada subsequently withdrew that offer and the price of Orbit shares declined to the low C$0.90 level shortly thereafter. Since that time, Orbit shareholders have received little for their continued loyalty to the company.'' Orbit, the Toronto Stock Exchange's most active issue on Friday, closed unchanged at 1.71 on volume of 4.6 million shares. biz.yahoo.com

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