Business
Cathedral Energy Services announces completion of conversion to a growth-oriented corporation
Cathedral Energy Services announces completion of conversion to a growth-oriented corporation
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\nDec. 18, 2009 (Canada NewsWire Group) -- CALGARY, Dec. 18 /CNW/ -- Cathedral Energy Services Income Trust (the \"Trust\"; TSX: CET.UN) is pleased to announce the completion of the conversion of the Trust to a growth-oriented corporation (the \"Conversion\") pursuant to a plan of arrangement (the \"Arrangement\") under Section 193 of the Business Corporations Act (Alberta) involving among others, the Trust and SemBioSys Genetics Inc. (\"SemBioSys\" - TSX: SBS).Effective upon the closing of the Conversion, Cathedral Energy Services Ltd. (\"Cathedral\") will operate the existing businesses of the Trust and its subsidiaries and the existing trustees and management of the Trust will continue to act as the board and management of Cathedral with one additional director from the board of SemBioSys. As a consequence of the Conversion, Cathedral will not be acquiring any business carried on by SemBioSys. The former business of SemBioSys will be carried on by a new entity, named SemBioSys Genetics Inc. (\"New SemBioSys\") which will be owned by the former shareholders of SemBioSys.The Conversion was approved at a special meeting of the Trust's unitholders and a special meeting of securityholders of SemBioSys, each held on December 18, 2009, with 99.92% of the votes cast by unitholders and 99.97% of the votes cast by securityholders of SemBioSys being in favour of the Arrangement. On December 18, 2009, the Alberta Court of Queen's Bench granted the final order required in connection with the Arrangement. In addition, at the Trust's special meeting, unitholders approved the adoption of a stock option plan for Cathedral.Pursuant to the Arrangement, the Trust's unitholders will receive one common share (\"Common Shares\") of Cathedral for each Trust unit held. Trading of the Cathedral Common Shares on the Toronto Stock Exchange is expected to commence within 2-3 days of closing under the symbol \"CET\".This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as \"forward-looking statements\") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as \"anticipate\", \"believe\",...