Painted Pony Receives Securityholder Support for its Acquisition by Canadian Natural Resources Limited
CALGARY, Alberta, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Painted Pony Energy Ltd. (“Painted Pony”) (TSX: PONY) is pleased to announce that at a special
meeting held today (the “Meeting”), its shareholders and optionholders voted to approve its previously announced proposed transaction with Canadian Natural Resources Limited
(“Canadian Natural”) (TSX, NYSE: CNQ).
Painted Pony and Canadian Natural entered into a definitive agreement on August 10, 2020 (the “Arrangement Agreement”) for the proposed acquisition of Painted Pony by Canadian Natural under a plan of arrangement, pursuant to which Canadian Natural will acquire all of the issued and outstanding Painted Pony Shares for cash consideration of $0.69 per Painted Pony Share, subject to the terms and conditions of the Arrangement Agreement (the “Arrangement”), following which Painted Pony will become a wholly-owned subsidiary of Canadian Natural.
The total number of shares represented by shareholders present in person and by proxy at the Meeting was 86,009,788, representing approximately 53.42% of Painted Pony’s issued and outstanding common shares. The total number of stock options represented by optionholders present in person and by proxy at the Meeting was 10,688,220, representing approximately 94.59% of Painted Pony’s issued and outstanding stock options.
Holders of the requisite majorities of shares and options voted in favour of the special resolution to approve the Arrangement (the “Arrangement Resolution”) as follows:
|Resolution||# Votes For||% Votes For||# Votes Against||% Votes Against|
(1) More than 662/3% of votes cast by shareholders of Painted Pony present in person or represented by proxy at the Meeting, voted in favour of the Arrangement Resolution, as required by the interim order of the Court of Queen's Bench of Alberta (the "Court").
(2) More than 662/3% of votes cast by shareholders and optionholders of Painted Pony, voting together as a single class, present in person or represented by proxy at the Meeting, voted in favour of the Arrangement Resolution, as required by the interim order of the Court.