Business
Shell Canada flags announcement by Royal Dutch Shell
Shell Canada flags announcement by Royal Dutch Shell.
About this update from Mapath Capital Corp
[{"type":"text","content":"\n\n\n\nCALGARY, April 2 /CNW/ - Shell Canada advises that Royal Dutch Shell made\nthe following announcement regarding the outcome of its offer extension which\nexpired March 30, 2007. Pending details of a formal handover, Shell Canada's\ncurrent management retains responsibility for the company's ongoing operations\nand projects.\n\n\n"Shell Investments Limited ("SIL"), a wholly-owned subsidiary of Royal\nDutch Shell plc, announced that as at the expiry time of the extended offer\nperiod on March 30, 2007, an additional 75,711,093 common shares in the\ncapital of Shell Canada Limited ("Shell Canada") were validly deposited to\nSIL's offer to acquire, at a price of C$45.00 cash per common share, all of\nthe outstanding common shares of Shell Canada not already owned by SIL or its\naffiliates. SIL has taken up all such common shares deposited to the offer\nduring such period and payment has been or will be made for such common shares\non or before Wednesday, April 4, 2007.\n\n\nCombined with the 96,985,322 Shell Canada common shares taken up by SIL\nin respect of the initial offer period that ended on March 16, 2007, SIL and\nits affiliates now beneficially own 816,005,273 common shares of Shell Canada\nor approximately 98.8% of the outstanding common shares of Shell Canada. The\ncommon shares taken up and accepted for payment under the offer represent\napproximately 94.5% of the outstanding common shares of Shell Canada not\nalready owned by SIL or its affiliates.\n\n\nSIL's offer has now expired. As the offer was accepted by holders of more\nthan 90% of the common shares of Shell Canada not owned by the SIL or its\naffiliates, SIL will exercise its right under the compulsory acquisition\nprovisions of section 206 of the Canada Business Corporations Act to acquire\nthe outstanding common shares of Shell Canada not already owned by SIL and its\naffiliates at the same price of C$45.00 per common share, by mailing a formal\nnotice to all remaining Shell Canada shareholders shortly."\n\n\nLegal Notice\n\n\nThis release does not constitute an offer to purchase or a solicitation\n\n\nof an offer to sell securities.\n\n\n","length":2226,"tagName":"div"}]