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Petromanas announces results of annual general and special meeting of shareholders
Petromanas announces results of annual general and special meeting of shareholders ...
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[{"type":"text","content":"\n\n\n\nPetromanas announces results of annual general and special meeting of shareholders\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 results of annual general and special meeting of shareholders\nCanada NewsWire\nCALGARY, March 14, 2016\n\n\n\nCALGARY, March 14, 2016 /CNW/ - Petromanas Energy Inc. (\"Petromanas\" or the \"Company\") (TSXV: PMI) is pleased to announce the results of voting at the Company's annual general and special meeting of shareholders held today, March 14, 2016 (the \"Meeting\"). \n\nAt the Meeting, Shareholders approved the previously announced sale of substantially all of the assets of Petromanas Albania GmbH, Petromanas' wholly-owned subsidiary, for US$45 million (the \"Transaction\"). Shareholders also approved a reduction in the stated capital of the common shares of the Company (\"Common Shares\") for the purpose of effecting a special distribution of up to US$43 million, or approximately CAD$0.08 to CAD$0.09 per Common Share, subject to currency exchange fluctuations, as a return of capital (the \"Distribution\"). Closing of the Transaction (\"Closing\") is expected to occur shortly and a further news release will be issued once Closing has occurred. The Company expects to confirm the final amount of the Distribution in May and announce the record date for the Distribution following determination of post-closing adjustments under the sale and purchase agreement relating to the Transaction. \n\nIn addition, the other items of business to be considered at the Meeting were approved, being: (i) the consolidation of the Common Shares on the basis of one post-consolidation Common Share for up to 70 pre-consolidation Common Shares (the \"Consolidation\"); (ii) the name change of the Company to such name as the board of directors (\"Board\") may determine in its sole discretion (the \"Name Change\"); (iii) fixing the number of directors to be elected and the election of the directors of the Company; (iv) the annual approval of the Company's stock option plan; and (v) the appointment of the Company's auditors. ...