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Petromanas announces record date and amount for return of capital, restructuring of board and management and filing of Q1 financials
Petromanas announces record date and amount for return of capital, restructuring of board ...
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[{"type":"text","content":"\n\n\n\nPetromanas announces record date and amount for return of capital, restructuring of board and management and filing of Q1 financials\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\nPetromanas announces record date and amount for return of capital, restructuring of board and management and filing of Q1 financials\nCanada NewsWire\nCALGARY, May 20, 2016\n\n\n\nCALGARY, May 20, 2016 /CNW/ - Petromanas Energy Inc. (\"Petromanas\" or the \"Company\") (TSXV: PMI) is pleased to announce that following post-closing adjustments for the sale of substantially all of the assets of Petromanas Albania GmbH, Petromanas' wholly-owned subsidiary, for US$45 million (the \"Transaction\"), the amount of the previously announced cash distribution by way of return of capital (the \"Distribution\") has been fixed at CAD$0.08 per share for an aggregate amount of CAD $55.5 million.  \n\nThe record date for the return of capital distribution will be June 1, 2016 and the Distribution will be paid on June 7, 2016.  The Distribution will be funded from the proceeds received by Petromanas in connection with the Transaction which was approved by shareholders at the Company's annual general and special meeting held on March 14, 2016. \n\nThe Distribution will be made in accordance with the \"due bill\" trading procedures mandated by the TSX Venture Exchange for large dividends and distributions.  The purpose is to result in traded shares carrying the value of the Distribution until it is paid.  A due bill will notionally represent the CAD$0.08 Distribution that a holder of a Petromanas share is entitled to receive.  A due bill will attach to each share traded, from the second trading day before the record date for the Distribution until the date on which the Distribution is paid.  During this due bill trading period, the shares will trade on a \"due bills basis\", meaning a seller of shares will also sell to the purchaser the entitlement to the Distribution (which is represented by the due bill attached to each share sold). The due bill period for the Dis...