**NEWS RELEASE**
Shareholder rights plan
TUSK Energy Inc TKE
Shares issued 9,735,000 Apr 27 close $2.03
Mon 27 Apr 98 News Release
Mr. Norman Holton reports
The board of directors has approved a shareholder rights plan, which is
effective immediately. The shareholders of the company will be asked to
approve the shareholder rights plan at the annual and special meeting of
shareholders to be held June 17, 1998. The plan will terminate if not
confirmed by a majority of the votes cast by shareholders at the meeting.
The plan has been adopted in order to provide Tusk's board of directors and
shareholders sufficient time to assess and evaluate any takeover bid or
acquisition proposal. The plan has not been adopted in response to, or in
anticipation of, any takeover bid or acquisition proposal.
The rights which now form part of each outstanding share and which will
trade with the shares and not be exercisable until the separation time,
will entitle shareholders, in certain circumstances, including the event
where a person acquires 20 per cent or more of the outstanding shares,
other than through a permitted bid, to acquire Tusk shares at half of the
current market price. The plan provides that a permitted bid is a takeover
bid made to all shareholders for outstanding shares of Tusk, which must be
outstanding for at least 60 days.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
