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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (62926)	11/16/2019 11:06:17 PM
From: Goose94	Respond to of 203432

Pengrowth Energy (PGF-T) Nov 1st 2019 Transaction With Cona Resources web.tmxmoney.com ______________________________________________ Pengrowth Energy as its proposed five-cent-a-share takeover by Adam Waterous's private Cona Resources took a step forward. The bid price of five cents -- well below the 20 cents that Pengrowth was trading at before the offer was announced two weeks ago, let alone its 2006 peak of over $26 -- reflects the risk that Cona is taking on in assuming Pengrowth's $700-million debt. As discussed in Monday's Energy Summary, Pengrowth had to prove to Cona by today, Nov. 15, that at least two-thirds of its secured debtholders supported the deal. It has now delivered that assurance. Holders of 93 per cent of the outstanding secured debt have signed support agreements, while also agreeing to extend the maturity of the debt until the completion of the takeover. Now the deal must head to shareholders for their approval. Pengrowth has called a special meeting for Dec. 18, which means it has nearly five weeks to try to persuade shareholders to cast a yes vote. Its efforts at persuasion so far have been limited to dire warnings that any alternative to the takeover will likely leave shareholders with nothing, so they might as well take the five cents. It remains to be seen just how convincing this argument will be. Pengrowth's largest shareholder, the billionaire Seymour Schulich, has been tight-lipped about his feelings on the deal, which if carried out will crystallize a steep loss for him. He owns roughly 170 million of Pengrowth's 560 million shares and has pegged his cost base at about $1.10. By Business Reporter