Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Cubix Investments - QBX on the CDNX -- Ignore unavailable to you. Want to Upgrade?

To: ralfph who wrote (132)	7/31/2001 5:54:08 PM
From: Bob Walsh	Respond to of 135

Halt has been released. Halt was due to following news release about Ultra Holdings: Ultra Holdings Inc UPH Shares issued 13,115,953 2001-07-30 close $3.85 Tuesday Jul 31 2001 News Release Also Cubix Investments Ltd (QBX) Mr. Brad Carr reports Ultra Holdings and a wholly owned subsidiary of Cubix Investments have entered into a letter of intent pursuant to which Acquisitionco will acquire all of the issued and outstanding common shares of Ultra Holdings Inc. pursuant to a plan of arrangement. If the arrangement is concluded, each shareholder of Ultra Holdings Inc. will receive for each Ultra Holdings Inc. share $3.00 in cash and an exchangeable note in the principal amount of $4.00. The exchangeable note may be exchanged by the holder for cash or one-half of a share of Ultra Petroleum Corp., at the option of Acquisitionco, at any time from and after the date which is 45 days after the closing of the arrangement. The exchangeable note may also be redeemed by Acquisitionco, at any time from and after the date which is 45 days after the closing of the arrangement and, if the exchangeable notes are called for redemption, the redemption price will be paid in full by the delivery to the holder of cash or one-half of a share of Ultra Petroleum Corp., at the option of Acquisitionco. Ultra Holdings Inc. currently holds approximately 18 per cent of the issued and outstanding common shares of Ultra Petroleum Corp. The transaction is subject to the parties entering into a definitive agreement, satisfaction of customary conditions, approval by the shareholders of Ultra Holdings Inc. and Cubix Investments Ltd., and to court and other regulatory approvals. As well, Cubix Investments Ltd. will have the right to terminate the definitive agreement and not to complete the arrangement if, on any day prior to the commencement of the shareholders meeting, the selling price of the shares of Ultra Petroleurn Corp. on the Toronto Stock Exchange or the American Stock Exchange is less than $6.00 per share or the equivalent thereof in United States currency. The arrangement constitutes a going private transaction under applicable securities laws. To comply with applicable securities laws and because there is a director and officer common to both companies, the board of Ultra Holdings Inc. has formed an independent committee to review the fairness of the proposed transaction to the Ultra Holdings Inc. minority shareholders from a financial point of view. It is intended that the shareholders meetings to approve the transaction will be called as soon as the definitive agreement is entered into by the parties and the meeting materials can be prepared and mailed. The information circular to be forwarded to shareholders will contain a formal valuation and fairness opinion prepared by Dundee Securities Corporation in accordance with applicable securities legislation and policies. Cubix Investments may purchase shares of Ultra Holdings Inc. and Ultra Petroleum Corp. in the open market prior to the closing of the transaction.