Cenovus and Husky shareholders approve proposed business combination

CALGARY, Alberta, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) are pleased to announce that securityholders from both companies have voted to support the proposed transaction, announced October 25, 2020, to combine the two companies into a resilient integrated energy leader.

On December 15, 2020, Cenovus and Husky held separate special shareholder meetings via live webcast. Each company’s securityholders, respectively, voted on resolutions in connection with the proposed business combination as described in the Joint Management Information Circular dated November 9, 2020.

• At the Cenovus special meeting, the resolution authorizing the issuance of Cenovus common shares and warrants to Husky common shareholders under the Plan of Arrangement, as set out in the Joint Management Information Circular, was approved by 93.31% of the votes cast.
  
  
• At the Husky special meeting, the resolution approving the Plan of Arrangement was approved by 99.94% of the votes cast by Husky common shareholders and 99.92% of the votes cast by Husky common shareholders and optionholders, voting together as a single class.
  
  
• In addition, the resolution approving the exchange of Husky preferred shares for Cenovus preferred shares was approved by 97.85% of the votes cast by Husky preferred shareholders, voting together as a single class. 

The completion of the combination remains subject to approval of the Court of Queen’s Bench of Alberta and the receipt of all necessary regulatory approvals.

ADVISORY
This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by Cenovus and Husky in light of their experience and perception of historical trends. Although Cenovus and Husky believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release includes suggestions of future outcomes, including statements about: the receipt of the approval of the Court of Queen’s Bench of Alberta and the receipt of all necessary regulatory approvals.