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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: trustmanic who wrote (4406)	10/2/2002 12:33:51 AM
From: trustmanic	Read Replies (1) \| Respond to of 11633

Acclaim And Ketch Announce Completion Of Arrangement 23:25 EDT Tuesday, October 01, 2002 CALGARY, ALBERTA--Acclaim Energy Trust (TSX:AE.UN) and Ketch Energy Ltd. today announced that the acquisition of Ketch by Acclaim pursuant to a court-approved Plan of Arrangement has been completed. The acquisition, which was originally announced on July 18, 2002, was overwhelmingly approved by securityholders of Ketch at the Special Meeting of Shareholders and Optionholders held on September 26, 2002. The final order of the Court of Queen's Bench of Alberta was granted on September 27, 2002. Pursuant to the acquisition, Acclaim issued approximately 56 million Trust Units in exchange for the common shares of Ketch. In addition, Acclaim assumed approximately $125 million in existing Ketch debt bringing the transaction value to approximately $390 million. With the completion of the acquisition, Acclaim has become the seventh largest conventional oil and gas trust in Canada on the basis of market capitalization, increasing from $155 million to $430 million. In addition, the acquisition will result in Acclaim's distributions remaining fully tax deferred for approximately two years. Based on today's closing price of $4.30, Acclaim is currently trading at an after tax yield of 16.7%. As part of the transaction, the external management contract has been eliminated and an internalized management structure has been adopted. The transaction also includes a management transition from the existing Acclaim management to a new team led by Mr. J. Paul Charron as President and CEO. Mr. Charron was Vice President and Chief Financial Officer of Ketch. Mr. Jack Lee, previously President and CEO of Acclaim, will continue with Acclaim in the position of Vice Chairman. As a result of the completion of the transaction, Acclaim has issued effective October 1, 2002 the 9,550,000 Trust Units issuable pursuant to the 9,555,000 subscription receipts issued on September 12, 2002. Holders of subscription receipts are entitled to receive a payment equal to the $0.06 per Trust Unit distribution to be paid to Unitholders on October 21, 2002. Registered holders of subscription receipts will receive certificates for their Trust Units and the required payment following the surrender of their subscription receipt certificate. Non-registered holders who hold their receipts through brokers or other intermediaries can expect to receive the required payment from their broker or other intermediary. Forward-Looking Statements The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Acclaim's control, including: the impact of general economic conditions in the U.S. and Canada, fluctuations in product prices and in foreign exchange or interest rates, industry conditions, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, stock market volatility and market valuations of companies with respect to the announced transactions, and the final valuations thereof, and obtaining required approvals of regulatory authorities. Acclaim's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Acclaim and will derive therefrom. FOR FURTHER INFORMATION PLEASE CONTACT: Acclaim Energy Inc., J. Paul Charron, President & CEO, (403) 261-2330