Canada's Perpetual Energy rises after signing deal to recombine with Rubellite

Rubellite Energy

17/09/2024 16:37

** Shares of Canada-based oil and gas company Perpetual
Energy  PMT.TO  rise 17.50% to 47 Canadian cents
    ** PMT signs deal to recombine with Canada's Rubellite
Energy  RBY.TO  in an all-share transaction
    ** RBY was established by PMT in 2021 through a plan of
arrangement
    ** Under the new deal, Perpetual shareholders will receive
one share of the combined company for every five PMT shares held
    ** Rubellite shareholders will own 72.7% of the combined
company upon completion of the deal, while the remaining will be
held by PMT shareholders and holders of PMT's senior notes
    ** Combined company will have conventional oil production
capacity of over 7,000 barrels of oil equivalent per day (boepd)
 
    ** Including session's gains, PMT stock up 9.3% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))