Brief: High Arctic Announces Reorganization To Create Two Energy Services Companies

High Arctic Energy Services

11/05/2024 15:17

May 11 (Reuters) - High Arctic Energy Services Inc
 HWO.TO :
    * HIGH ARCTIC ANNOUNCES REORGANIZATION TO CREATE TWO ENERGY
SERVICES COMPANIES, RETURN OF CAPITAL TO SHAREHOLDERS, AND
ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS
    * HIGH ARCTIC ENERGY SERVICES - APPROVED REORGANIZATION OF
HIGH
ARCTIC TO SEPARATE CORPORATION'S NORTH AMERICAN AND PAPUA NEW
GUINEA ("PNG") BUSINESSES
    * DISTRIBUTION OF SURPLUS CASH TO SHAREHOLDERS BY WAY OF A
RETURN
OF CAPITAL OF UP TO $38.2 MILLION
    * WILL TRANSFER HIGH ARCTIC'S PNG BUSINESS TO A SEPARATE
PUBLICLY
TRADED CO NAMED "HIGH ARCTIC OVERSEAS HOLDINGS CORP.
    * HIGH ARCTIC WILL CONTINUE TO OWN AND OPERATE CORPORATION'S
EXISTING NORTH AMERICAN BUSINES
    * EACH OF TWO COMPANIES WILL HAVE ITS OWN MANAGEMENT AND
OPERATIONAL TEAMS AND SEPARATE BOARD OF DIRECTORS.
    * EACH SHAREHOLDER  WILL RECEIVE ONE-QUARTER OF COMMON SHARE
OF
SPINCO AND ONE-QUARTER OF COMMON SHARE OF HIGH ARCTIC
    * EACH SHAREHOLDER WILL CONTINUE TO OWN ITS PRO RATA PORTION
OF
BOTH SPINCO AND POST-ARRANGEMENT HIGH ARCTIC.
    * HIGH ARCTIC IS ACTIVELY PURSUING PERMANENT CEO PLACEMENT
OPTIONS
    * HIGH ARCTIC ENERGY SERVICES - IF ARRANGEMENT IS APPROVED,
MAGUIRE WILL ASSUME ROLE IN INTERIM CAPACITY AND TRANSITION
DUTIES TONEW CEO APPOINTED

Source text for Eikon:  ID:nGNX4Q9Z9f 
Further company coverage:  HWO.TO 

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