Business
Highwood Oil Company Ltd. Announces Review of Strategic Alternatives to Enhance Shareholder Value and Provides Operational Update
Highwood Oil Company Ltd. Announces Review of Strategic Alternatives to Enhance Sharehold...
About this update from Highwood Asset Management Ltd
[{"type":"text","content":"\n \n \n \n Highwood Oil Company Ltd. Announces Review of Strategic Alternatives to Enhance Shareholder Value and Provides Operational Update\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 CALGARY, AB, Oct. 26, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 26, 2020\n \n /CNW/ - Highwood Oil Company Ltd. (\"Highwood\" or the \"Company\") (TSXV: HOCL) today announces that its Board of Directors has initiated a process to identify, examine and consider strategic and financial alternatives available to the Company with the ultimate view of enhancing shareholder value.\n \n \n \n \n \n \n \n \n \n \n Strategic Review\n \n \n \n Strategic and financial alternatives may include, but are not limited to, the sale of the Company, investment in, merger or other business combination, recapitalization, sale of all or a portion of the Company's assets, or any combination thereof, continued execution of its business plan, among all other alternatives (the \"Strategic Review\").  The Board of Directors has established a Special Committee comprised of independent directors to oversee the process and National Bank Financial Inc. have been retained to assist the Special Committee and the Company with the Strategic Review.\n \n \n It is the Company's current intention not to disclose developments with respect to the Strategic Review process until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. Highwood will continue to provide normal course quarterly financial and material operational updates.  The Company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.\n \n \n \n Operational Update\n \n \n \n Effective\n \n October 16, 2020\n \n , the Company relinquished operatorship with respect to the joint venture lands in the\n \n Clearwater\n \n play area of\n \n Alberta\n \n to the 50% joint venture partner. The joint venture partner anticipat...