Business
Gibson Energy Inc. Completes Acquisition of Palko Environmental Ltd.
CALGARY, Dec. 8, 2011 /CNW/ - Gibson Energy Inc. (TSX: GEI) ("Gibson"), is pleased to annou...
About this update from Gibson Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Dec. 8, 2011 /CNW/ - Gibson Energy Inc. (TSX: GEI) (\"Gibson\"), is pleased to announce the completion of Gibson's\n previously announced acquisition of Palko Environmental Ltd. (\"Palko\")\n pursuant to a plan of arrangement under the Business Corporations Act (Alberta).\n\n\nThe plan of arrangement was approved by approximately 99.99% of the\n votes cast by Palko securityholders at the special meeting of\n securityholders held on December 7, 2011.\n\n\nGibson issued a total of 2,383,392 Common Shares and paid approximately\n $5.8 million in cash to acquire the Palko shares it did not already own\n (being approximately 61% of Palko's outstanding shares).  In addition,\n Gibson paid out existing debt and assumed working capital of Palko,\n estimated at $18.3 million. Palko's shares will be delisted from the\n Toronto Stock Exchange as soon as possible.\n\n\n\"We are excited about the opportunities and synergies that the new\n Custom Treating and Terminals division will provide Gibson and look\n forward to a smooth combination of the Palko and Gibson organizations,\" said Stew Hanlon, President and Chief Executive Officer of Gibson.\n\n\nAll references to monetary amounts in this press release are to Canadian\n dollars.\n\n\nAbout Gibson\n\n\nGibson is one of the largest independent midstream energy companies in\n Canada and a major participant in the crude oil transportation business\n in the United States.  Gibson transports hydrocarbons and water by\n utilizing its integrated network of terminals, pipelines and truck\n fleet, located throughout western Canada and the United States. \n Gibson's shares trade on the Toronto Stock Exchange under the symbol\n GEI.\n\n\nGibson's primary objective is to generate stable and growing cash flows\n for shareholders through an attractive dividend and a growing asset\n base.\n\n\nForward-Looking Statements\n\n\nCertain statements contained in this news release constitute\n forward-looking statements. These statements relate to future events or\n Gibson's future performance. All statements other than statements of\n historical fact are forward-looking statements. The use of any of the\n words ''anticipate'', ''plan'', ''contemplate'', ''continue'',\n ''estimate'', ''expect'', ''intend'', ''propose'', ''might'', ''may'',\n ''will'', ''shall'', ''project'', ...