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Advantage Announces Preliminary Results of Substantial Issuer Bid
Advantage Announces Preliminary Results of Substantial Issuer Bid Canada NewsWire ...
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n \n \n \n Advantage Announces Preliminary Results of Substantial Issuer Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n (TSX: AAV)\n \n \n \n CALGARY, AB\n \n ,\n \n Dec. 19, 2022\n \n /CNW/ - Advantage Energy Ltd. (\"Advantage\" or the \"Corporation\") announces the preliminary results of its substantial issuer bid (the \"Offer\"), pursuant to which the Corporation offered to purchase for cancellation up to\n \n $100,000,000\n \n of its common shares (the \"Shares\") and which expired at\n \n 5:00 p.m. (Eastern Standard Time)\n \n on\n \n December 16, 2022\n \n (the \"Expiration Date\").  The Offer proceeded by way of a modified Dutch auction whereby holders of Shares (\"Shareholders\") could choose to either make: (i) auction tenders at a tender price of not less than\n \n $11.20\n \n and not more than\n \n $12.90\n \n per Share in increments of\n \n $0.10\n \n per Share; or (ii) purchase price tenders in which the tendering Shareholders agreed to have a specified number of Shares purchased at the Purchase Price (as defined below). Shareholders who validly tendered Shares without specifying the method in which they tendered their Shares, were deemed to have made a purchase price tender.\n \n \n In accordance with the terms and conditions of the Offer and based on the preliminary calculation of Computershare Investor Services Inc., as depositary for the Offer (the \"Depositary\"), a total of 32,091,754 Shares were properly tendered to the Offer and not properly withdrawn, including 203,290 Shares that were tendered through notices of guaranteed delivery.  Based on the Depositary's preliminary calculation, Advantage expects to take up and pay for 8,928,571 Shares at a price of\n \n $11.20\n \n per Share under the Offer (the \"Purchase Price\"), representing an aggregate purchase of approximately\n \n $100,000,000\n \n and 4.9% of the total number of Advantage's issued and outstanding Shares at the time the Offer was commenced on\n \n November 10, 2022\n \n . Immediately follow...