REG-Bankers Petroleum Limited: Bankers Petroleum shareholder approval of arrangement <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

01/06/2016 07:05

Bankers Petroleum announces shareholder approval of proposed arrangement 
 
 CALGARY May 31, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that it has received
the approval of Bankers' shareholders for the proposed plan of arrangement
(the "Arrangement") with affiliates of Geo-Jade Petroleum Corporation
("Geo-Jade"). Pursuant to the Arrangement, Geo-Jade will acquire all the
issued and outstanding common shares of Bankers ("Bankers Shares") through its
affiliates at a cash price of C$2.20 per Bankers Share. The Arrangement was
approved by a vote of greater than 97% of the votes cast by Bankers'
shareholders present in person or represented by proxy at the special meeting
of Bankers' shareholders held today. 
 
 Completion of the Arrangement is subject to the outstanding regulatory
approvals pursuant to the Investment Canada Act (Canada) and the Chinese State
Administration of Foreign Exchange (SAFE). Bankers has been advised that
Industry Canada has extended the period for review under the Investment Canada
Act to June 27, 2016. Due to this extension, the Company now anticipates
closing of the Arrangement to occur in late June or early July. Following a
successful completion of the Arrangement the Bankers Shares will be delisted
from the Toronto Stock Exchange ("TSX") and the AIM market of the London Stock
Exchange. 
 
 The management information circular of Bankers dated April 19, 2016 (the
"Management Information Circular") prepared in connection with the Arrangement
provides important information about Bankers and the Arrangement. The
Management Information Circular is available on SEDAR and Bankers' website (
http://www.bankerspetroleum.com/ ). 
 
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 About Bankers Petroleum Ltd. 
 
 Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on developing large oil and gas reserves in Albania
and Eastern Europe. In Albania, Bankers operates and has the full rights to
develop the Patos-Marinza heavy oilfield, has a 100% interest in the Kuçova
oilfield, and a 100% interest in Exploration Block "F". In 2015 Bankers
acquired an 85% interest in the rights to explore the Püspökladány Block
concession within the Pannonian Basin located in north eastern Hungary. The
Bankers Shares are traded on the TSX and the AIM Market in London, England
under the stock symbol BNK. 
 
 Caution Regarding Forward-looking Information 
 
 Certain information set forth in this press release, including information
and statements which may contain words such as "could", "plans", "intends"
"should", "anticipate", "expects", "will", "propose", "opportunity", "future",
"continue", and similar expressions and statements relating to matters that
are not historical facts, contain forward-looking statements, including but
not limited to statements regarding: the proposed Arrangement and the
anticipated timing of closing, the timing of receipt of required regulatory
approvals and the delisting of the Bankers Shares following completion of the
Arrangement. By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Bankers' control.
Completion of the Arrangement is subject to a number of conditions, including
receipt of the approval's required by the Investment Canada Act (Canada) and
approvals required by the People's Republic of China and the competition
authority of Albania, and other conditions which are typical for transactions
of this nature. Failure to satisfy any of these conditions, the emergence of a
superior proposal or the failure to obtain approval of Bankers' shareholders
may result in the termination of the arrangement agreement dated March 19,
2016 providing for the Arrangement. The foregoing list is not exhaustive.
Additional information on these and other risks that could affect completion
of the Arrangement is set forth in the Management Information Circular, which
is available on SEDAR at www.sedar.com. Readers are cautioned that the
assumptions used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements. The actual
results, performance or achievement of Bankers could differ materially from
those expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance 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 that Bankers will derive therefrom. Bankers disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable securities laws. 
 
 For further information: David French, President and Chief Executive Officer,
(403) 513-6930; Doug Urch, Executive VP, Finance and Chief Financial Officer,
(403) 513-2691; Laura Bechtel, Investor Relations and Corporate Communications
Specialist, (403) 513-3428, Email: investorrelations@bankerspetroleum.com,
Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry
Fitzgerald-O'Connor, +44 0 207 523 8000; AIM BROKER AND FINANCIAL ADVISOR:
FirstEnergy Capital LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200 
 


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