Saxon announces that RiskMetrics Group recommends shareholders vote "for" the Plan of Arrangement

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[{"type":"text","content":"\n\n\n\nCALGARY, July 7 /CNW/ - Saxon Energy Services Inc. ("Saxon") (TSX: SES)\ntoday announced that RiskMetrics Group (formerly Institutional Shareholder\nServices or ISS) recommends that Saxon shareholders vote FOR the special\nresolution approving the Plan of Arrangement entered into with Sword Canada\nAcquisition Corporation ("Sword").\n\n\nThe vote on the resolution will take place at Saxon's Special Meeting of\nShareholders to be held on July 15, 2008 in Calgary, Alberta. To be counted at\nthe Special Meeting, completed proxies must be received by Olympia Trust\nCompany, Saxon's transfer agent, no later than 5:00 p.m. (Calgary time) on\nFriday, July 11, 2008.\n\n\nSword is an acquisition company that is indirectly jointly owned by\nSchlumberger Oilfield Holdings Limited, a subsidiary of Schlumberger Limited,\nand an affiliate of a fund managed by First Reserve Corporation ("First\nReserve"). If completed, the Plan of Arrangement would result in Sword\nacquiring all of the issued and outstanding common shares of Saxon for\nCdn$7.00 in cash per share (other than a portion of the common shares held by\ncertain members of senior management of Saxon which are expected to be\nexchanged for equity of Sword). If the Plan of Arrangement is approved by\nSaxon's shareholders, Saxon will continue to operate as an independent\ndrilling company.\n\n\nIn recommending that Saxon shareholders vote FOR the Plan of Arrangement,\nRiskMetrics states(x):\n\n\n- "We believe the Special Committee has performed their fiduciary duties\n to enter into a transaction with a fair value by granting limited\n exclusivity period, reaching reasonable break fees, and other\n provisions."\n\n- "From a valuation perspective, our view is that the standalone value\n of SES depends very much on its relationship to Schlumberger and the\n retaining of experienced management members. A third party bidder\n might not be able to hold the value intact."\n\n\nRiskMetrics is widely recognized as one of the leading independent proxy\nvoting and corporate governance and advisory firms. Their analyses and\nrecommendations are relied upon by many major institutional investment firms,\nmutual funds and fiduciaries throughout North America.\n\n\nAs previously announced, the Saxon Board of Directors voted unanimously\nin suppo...

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