Business
Result Energy Inc. Announces Adoption of Shareholder Rights Plan
CALGARY, March 18 /CNW/ - Result Energy Inc. ("Result" or the "Corporation"; TSX-V: RTE) announce...
About this update from Route 109 Resources Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, March 18 /CNW/ - Result Energy Inc. ("Result" or the\n"Corporation"; TSX-V: RTE) announces that, its Board of Directors has approved\nthe adoption of a Shareholder Rights Plan (the "Plan"), subject to acceptance\nby the TSX Venture Exchange (the "TSXV"). The Plan, which is to be filed with\nthe TSXV as soon as practicable, is designed to ensure the fair treatment of\nshareholders in the event of any take-over bid or any other attempt to acquire\na controlling interest in the Corporation and to give the Corporation adequate\ntime to identify alternative value enhancing transactions.\n\n\nResult is not adopting the Plan in response to, or in anticipation of,\nany specific take-over bid for the outstanding shares of the Corporation. The\nPlan is similar to shareholder rights plans adopted by other Canadian\ncorporations.\n\n\nUnder the terms of the Plan, one right ("Right") will be issued by Result\nin respect of each outstanding common share of the Corporation ("Common\nShare") to the shareholders of record on March 15, 2008, as well as one Right\nin respect of each Common Share subsequently issued by Result. The Rights\nissued under the Plan will only become exercisable when a person, including\nany party related to it, acquires or announces its intention to acquire 20% or\nmore of the outstanding Common Shares of the Corporation without complying\nwith the Plan's "permitted bid" provisions. "Permitted bids" must, among other\nrequirements more fully described in the Plan, be made to all Result\nshareholders and must remain open for acceptance for a minimum of 60 days.\n\n\nThe Plan is subject to acceptance by the TSXV, and is subject to\nratification by Result's shareholders at the Corporation's annual meeting of\nshareholders scheduled for May 27, 2008. If confirmed by the shareholders at\nthat meeting, the Plan will need to be reconfirmed at Result's annual meeting\nin 2011.\n\n\nThe Plan will also be made available for viewing on the SEDAR website at\nwww.sedar.com, once it has been filed with the TSXV.\n\n\nResult Energy Inc. is a publicly traded Canadian energy company involved\nin the exploration and development of oil and gas properties in western\nCanada. Result trades on the TSX Venture Exchange under the symbol "RTE&qu...