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ISS and Glass Lewis Recommend Shareholders Vote FOR the Issuance of Shares to Purchase Bonterra Energy Corp.
ISS and Glass Lewis Recommend Shareholders Vote FOR the Issuance of Shares to Purchase Bo...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"\n \n \n \n ISS and Glass Lewis Recommend Shareholders Vote FOR the Issuance of Shares to Purchase Bonterra Energy Corp.\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, Nov. 16, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 16, 2020\n \n /CNW/ - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) (\"Obsidian Energy\", \"Company\", \"we\", or \"our\") today announced that leading independent proxy advisory firms, Institutional Shareholder Services Inc. (\"ISS\") and Glass, Lewis & Co (\"Glass Lewis\") both recommend that, at the Company's upcoming special meeting of shareholders on\n \n November 23, 2020\n \n (the \"Meeting\"), Obsidian Energy shareholders vote FOR the resolution (the \"Issuance Resolution\") approving the issuance of up to 72,282,992 common shares of Obsidian Energy in connection with the Company's exchange offer (the \"Offer\") to purchase all of the common shares of Bonterra Energy Corp. (\"Bonterra\") (TSX – BNE).\n \n \n \n \n \n \n \n \n \n \"The positive vote recommendation from both ISS and Glass Lewis reinforces our belief that combining Obsidian Energy and Bonterra is in the best interests of both companies' respective shareholders,\" said\n \n Steve Loukas\n \n , Obsidian Energy's Interim President and CEO. \"The combined entity will create the Cardium Champion, having a far superior future than what either company could achieve on a standalone basis. Together, our lower cost structure and improved capital efficiency would generate substantially more free cash flow, allowing us to accelerate debt repayment, improve our financial position and provide a clear path to share price appreciation.\"\n \n \n Following its review of the Offer, ISS stated \"[t]he rationale behind the proposed acquisition appears sound. It is anticipated that the merger of the two companies would create a top 20 Western Canadian oil producer with a lower debt-to-EBITDA, higher free cash flow, and a stronger overall business. The combined company would be the largest Cardium-focused firm and should be positioned t...