To: Goose94 who wrote (31236 ) 6/22/2017 8:54:06 AM From: Goose94 Read Replies (1) | Respond to Spartan Energy (SPE-T) held its annual meeting yesterday, seeking shareholder approval for its proposed 1-for-3 share consolidation. Shareholders had been surprised to find this rollback mentioned for the first time in the information circular that Spartan sent out in mid-May. Although Spartan had not previously discussed a rollback, its share count had gone up significantly in 2016 as a result of acquisitions. There were five major acquisitions in total during the year, worth a combined $860-million. The largest was the $700-million purchase of all of the Saskatchewan assets of ARC Resources (ARX-T) in December. These deals pushed Spartan's share count to nearly 527 million from 265 million at the beginning of 2016. Spartan said in its circular that it wanted to reduce its share count "to a level more in keeping with its industry peers." Shareholders obliged, voting over 98 per cent in favour of the rollback, according to the report of voting results filed on SEDAR.
