misc. observations -- S to N and enhanced, etc.
I know, above doesn't really make sense. The S to N mention............ just skimming through the cdnx daily news release and see that a symbol EES will be doing a reconfigure and changing to EEN Old name was Enhanced Energy Services Ltd. and new name is now Ensource Industries Inc. I haven't tried to number crunch at all re: valuations however do notice that some of the significant shareholders have both interesting and recognizable names......
One other news release noticed was a thing put out by Chieftan International. CID-tse and amex. Approval has been given to CIBC Worldmarkets to do the proverbial "shareholder maximization" routine.......... I remember an oldtimer who has been successful in the cdn. oilpatch telling me once that the edmonton-based president of CID being very savvy and he also seemed to be very successful at issuing shares when opportune moments were available. Food for thought as the TSE O&G Index meanders above 9200 and Royal Dutch Shell does a hostile move at Barrett Resources for the equivalent of about $19+cdn. per proven 10:1 reserves?.......
News releases for EEN and CDI pasted below.
********************
ENSOURCE INDUSTRIES INC. ("EEN")
(formerly Enhanced Energy Services Ltd. ("EES"))
BULLETIN TYPE: Reverse Takeover-Completed, Name Change and Consolidation
BULLETIN DATE: March 8, 2001
Tier 1 Company
Reverse Take-over
The CDNX has accepted for filing the Company's Reverse Take-Over ('RTO'),
which includes the following transactions:
The merger will be completed by way of a Reverse Takeover (as defined in
CDNX Policy 5.2) following a private placement by EnSource of $11.2 million
which will be purchased by the existing shareholders of EnSource. Pursuant to
the share exchange ratio, EnSource shareholders will receive 2.008 Enhanced
shares per EnSource share, after giving effect to the private placement. The
exchange ratio is based upon there being 35,773,918 Enhanced shares
outstanding on a fully diluted basis, and 39,290,839 EnSource shares
outstanding on a fully diluted basis. For complete information see the
Company's filing statement
The Exchange has been advised that the above transactions, approved by
the consent of a majority of shareholders on July 27, 2000, have been
completed.
Insider / Pro Group Participation:
Insider equals Y /
Name ProGroup equals P No. of Shares
R. Grandfield Y 50,000
Jewal Investments1 Y 779,125
J. van der Sloot Y 156,667
Alberta Petroleum Energy2 Y 65,709
K. MacPhail Y 75,000
ARC Financial Corporation3 Y 1,181,819
G. Holden Y 208,666
R. Osborne Y 282,285
R. Osborne Prof. Corp. Y 46,680
844292 Alberta Ltd. 4 Y 937,232
823551 Alberta Ltd. 5 Y 389,620
Bill Lazenby Y 3,750
I. Bootle Y 3,363
ONCAP L.P. Y 7,529,072
ONCAP (Cayman) L.P. Y 909,369
RedTree Capital Corp6 Y 1,662,035
14,280,392
1 Controlled by R. Grandfield
2 Controlled by J. van der Sloot
3 Board of Directors representation by J. Hood
4 Controlled by K. Smith
5 Controlled by K. Fleury
6 Board of Directors representation by J. King
Company Contact: Gary Holden
Company Address: Suite 2616, 400 - 3rd Avenue S.W., Calgary,
Alberta, T2P 4H2
Company Phone Number: 403 234-8383
Company Fax Number: 403 262-9359
Name Change and Consolidation
Pursuant to a special resolution passed by shareholders January 11, 2001,
the Company has consolidated its capital on a 4 old for 1 new basis. The
Company has also changed its name from Enhanced Energy Services Ltd. to
EnSource Industries Inc.
Effective at the opening MONDAY MARCH 12, 2001, the common shares of
EnSource Industries Inc. will commence trading on CDNX, and the common shares
of Enhanced Energy Services Ltd. will be delisted. The Company is classified
as a 'Energy Services' company.
Post-Consolidation Capitalization: unlimited shares with no par value
of which
26,314(*)8(*)6 common shares issued
and outstanding
Transfer Agent: CIBC Mellon Trust Company
Trading Symbol: EEN (new)
CUSIP Number: 29358E 10 6 (new)
________________________________________
**********************
Chieftain International, Inc.: CID
EDMONTON, March 8 /CNW/ - Chieftain International, Inc. (AMEX: CID) (TSE:
CID) announced today that it has authorized CIBC World Markets Inc., its
financial advisor, to examine strategic alternatives to enhance shareholder
value, including a possible merger or sale of the Company.
Chieftain is an independent natural gas and oil exploration and
production company active primarily in the US Gulf of Mexico region and in
southeast Utah and the UK sector of the North Sea. Headquartered in Edmonton,
Alberta, the Company's exploration offices are located in Dallas, Texas and
New Orleans, Louisiana. |
