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Stratic Energy Corporation reaches Agreement for Sale of the Company to EnQuest PLC in Share Exchange Transaction
Stratic Energy Corporation reaches Agreement for Sale of the Company to EnQuest PLC in Share Exch...
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[{"type":"text","content":"\n\n\n\n Aug. 3, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nCALGARY and LONDON, Aug. 3 /CNW/ - Stratic Energy Corporation (TSX-V: SE and AIM: SE) ("Stratic" or the "Company") has reached agreement for the proposed sale of the Company to EnQuest PLC (LSE: ENQ and NASDAQ OMX Stockholm: ENQ) ("EnQuest") in an all-share transaction pursuant to a statutory plan of arrangement (the "Arrangement"). The proposed transaction has been approved by the boards of directors of both Stratic and EnQuest.\nEnQuest and Stratic have entered into a definitive agreement (the "Arrangement Agreement") providing for the terms and conditions of the proposed Arrangement, under which each Stratic common share will be exchanged for 0.089626 EnQuest ordinary shares. Based on the average closing price of the EnQuest shares on the five market days to August 2, 2010 of approximately GBP1.17 (approximately C$1.90 based on yesterday's closing exchange rate quoted by Reuters), the exchange ratio values each Stratic share at C$0.17, representing a 70% premium to the closing price of the Stratic shares on the TSX Venture Exchange of C$0.10. The total transaction value, including the assumption or repayment by EnQuest of Stratic's bank debt, 8.75% convertible debentures and 9% convertible notes, is approximately C$135 million.\nCompletion of the Arrangement is subject to a number of conditions, including approval of the Stratic shareholders by special resolution at a meeting to be held later this year, acceptance of repayment by the holders of the Company's outstanding 9% convertible notes, court approval pursuant to the arrangement provisions of the Business Corporations Act (Yukon) and receipt of all necessary regulatory consents and approvals.\nEnQuest is an independent oil and gas production and development company focuse...