Business
Gibson Energy Inc. announces closing of the OMNI acquisition, exchange of subscription receipts into common shares and confirms 4% dividend increase
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About this update from Gibson Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES/ \n\n\nUnless otherwise indicated all financial figures are in Canadian dollars\n\n\nCALGARY, Oct. 31, 2012 /CNW/ - Gibson Energy Inc. (\"Gibson\"), (TSX:\n GEI), is pleased to announce the completion of Gibson's previously\n announced acquisition of all of the issued and outstanding common stock\n of the parent holding company of OMNI Energy Services Corp. (\"OMNI\")\n for US$445 million (the \"Acquisition\").  The purchase prices assumes\n that, at the completion of the Acquisition, OMNI had working capital of\n US$43.5 million, no debt and no cash.\n\n\nOMNI is a privately held provider of environmental and production\n services to the oil and gas industry and is based in Carencro,\n Louisiana.  OMNI has a strong competitive position in most major oil\n and liquids focused areas in the United States (including, but not\n limited to, the U.S. Bakken, Granite Wash, Eagle Ford, Tuscaloosa\n Marine, Mississippi Lime and the Gulf of Mexico) with a significant\n focus on environmental and production-related activities.\n\n\nGibson is also pleased to confirm that it will increase its quarterly\n dividend rate to $0.26 per common share, representing a 4% increase\n from the prior quarterly rate and resulting in a new annualized\n dividend of $1.04 per common share.\n\n\nThe US$445 million purchase price for the Acquisition was financed, in\n part, by the net proceeds of the subscription receipt offering\n completed by Gibson on October 29, 2012.  With the closing of the\n Acquisition, Gibson confirms that the escrow release condition of the\n subscription receipt agreement dated October 29, 2012 has occurred and\n therefore, each outstanding subscription receipt of Gibson has been\n automatically exchanged, without payment of additional consideration or\n further action, for one common share of Gibson.  Trading in the\n subscription receipts on the Toronto Stock Exchange (\"TSX\") has been\n halted and will remain halted until the close of business today, at\n which time the subscription receipts will be de-listed from the TSX. \n The common shares issued on exchange of the subscription receipts have\n commenced trading on the TSX.\n\n\nNeither the subscription receipts nor the common shares have been nor\n...