Business
CANASIA ENERGY CORP. - Proposed Purchase of Andora Minority Shares
CANASIA ENERGY CORP. - Proposed Purchase of Andora Minority Shares Canada NewsWire ...
About this update from Canasia Energy Corp
[{"type":"text","content":"\n \n \n \n CANASIA ENERGY CORP. - Proposed Purchase of Andora Minority Shares\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n March 1, 2023\n \n /CNW/ - CanAsia Energy Corp. (\"CanAsia\") (TSXV: CEC) announced today that it has entered into an agreement with Andora Energy Corporation (\"Andora\") for the proposed purchase of Andora common shares owned by minority shareholders for a cash payment of\n \n $0.044\n \n per share.\n \n \n \n \n \n \n \n \n \n CanAsia, which currently owns 88.2% of the Andora common shares, has agreed to support the transaction by voting in favor of it the Andora shares that CanAsia owns and to provide to Andora, by loan or otherwise, sufficient funds to complete the transaction and pay Andora's reasonable transaction expenses.\n \n \n The directors of Andora, on the recommendation of an independent committee of directors, are unanimously in favor of the transaction. They determined that the transaction is in the best interests of Andora and the consideration to be received by minority shareholders is fair, from a financial point of view. Andora will support and recommend that shareholders vote in favor of the transaction. It is anticipated that holders of Andora options will agree to participate in the transaction by either exercising their options before the share consolidation occurs or accepting a cash payment equal to the \"in-the-money\" value of their options.\n \n \n The going private transaction will be completed by consolidating Andora common shares so that minority shareholders of Andora will each hold a fractional Andora common share after consolidation. Andora will immediately redeem those fractional shares for cash and cancel them. The cash payment to minority shareholders of\n \n $0.044\n \n per share will be based on the number of Andora common shares held by minority shareholders before the share consolidation.\n \n \n The result will be that CanAsia will own 100% of the Andora common shares after the completion of the share consolidation and redemption ...