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Bankers Petroleum Receives Court Approval for Company Split
Wednesday, July 9, 2008 Last Day to Acquire Bankers Shares for BNK-US Shares Entitlement - Not fo...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nWednesday, July 9, 2008 Last Day to Acquire Bankers Shares for BNK-US\n\n\nShares Entitlement\n\n\n- Not for distribution to United States newswire services or for\n\n\ndissemination in the United States -\n\n\nCALGARY, July 8 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce that on July 2, 2008, it received approval of the British\nColumbia Supreme Court for its plan of arrangement (the "Arrangement")\npursuant to which all of Bankers U.S. operations and assets will be spun out\ninto BNK Petroleum Inc. ("BNK-US"), which has been approved for listing and\ntrading on the TSX Exchange (the "TSX") under the symbol BKX. In addition, all\nconditions to the Arrangement were either met or waived. As such, the Court's\nfinal order was filed with the Registrar of Companies pursuant to the Business\nCorporations Act (British Columbia). Bankers has since completed regulatory\nfilings in connection with the Arrangement and certain details relating to\ntiming and warrant exercise price adjustments are now available and described\nbelow.\n\n\nOn Thursday, July 10, 2008, Bankers common shares ("Bankers Shares") will\nbegin trading on TSX and AIM on an ex-BNK-US basis and BNK-US's common shares\n("BNK-US Shares") will also begin to trade on TSX on a "when issued" basis.\nThe date and time for determining which Bankers shareholders are entitled to\nreceive BNK Shares will be on Monday, July 14, 2008 at 4:30 p.m. (Calgary\ntime) (the "Record Time"). As such, the last day to acquire Bankers Shares on\nTSX or AIM in order to be entitled to receive BNK-US Shares pursuant to the\nArrangement will be Wednesday, July 9, 2008. Certificates representing BNK-US\nShares are expected to be sent to registered holders by Thursday, July 17,\n2008. Pursuant to the Arrangement, Bankers shareholders will receive one (1)\nBNK-US Share for each ten (10) Bankers Shares held at the Record Time.\n\n\nAt the Record Time, the exercise prices for Bankers two batches of listed\ncommon share purchase warrants (the "Purchase Warrants") will be adjusted to\nreflect the spinout of BNK-US from Bankers in accordance with the terms of the\napplicable warrant indenture. For the purposes of this adjustment, Bankers\nboard of directors has confirmed, after further cons...