Business
Saxon Energy Services Inc. and Sword Canada Acquisition Corporation Announce Closing of Plan of Arrangement
(TSX - SES) CALGARY, Aug. 28 /CNW/ - Saxon Energy Services Inc. ("Saxon") and Sword Canada Acquis...
About this update from Secure Waste Infrastructure Corp.
[{"type":"text","content":"\n\n\n\n(TSX - SES)\n\n\nCALGARY, Aug. 28 /CNW/ - Saxon Energy Services Inc. ("Saxon") and Sword\nCanada Acquisition Corporation ("Sword") are pleased to announce that the\nacquisition of Saxon by Sword pursuant to a plan of arrangement (the\n"Arrangement") was completed today.\n\n\nUnder the Arrangement, holders of Saxon's outstanding common shares (the\n"Shares") are entitled to receive $7.00 per Share, other than certain members\nof senior management of Saxon who received equity of Sword as consideration\nfor a portion of their Shares. The Shares are expected to be de-listed from\nthe Toronto Stock Exchange on August 29, 2008. In order to receive the\nconsideration for their Shares, Saxon shareholders must surrender the\ncertificates representing their Shares in accordance with the instructions set\nforth in the Information Circular of Saxon dated June 13, 2008 and the\naccompanying letters of transmittal. Any questions and requests for assistance\nmay be directed to the offices of the depositary, Olympia Trust Company, at\n(403) 261-0900 or (416) 364-8081 or by email at\[email protected].\n\n\nSaxon is an emerging international oilfield services company that\noperates an established oil and gas drilling and workover business, focusing\non providing these services to major and intermediate oil and gas companies in\nNorth and South America. Saxon will retain its current management team and\nwill continue to do business under the name Saxon Energy Services Inc. Thomas\nWeisel Partners Canada Inc. acted as financial advisor to Saxon with regard to\nthe Arrangement.\n\n\nSword is an acquisition company that is indirectly jointly owned by an\naffiliate of a fund managed by First Reserve Corporation ("First Reserve"),\ntogether with Schlumberger Oilfield Holdings Limited, and directly owned by\ncertain members of the senior management of Saxon.\n\n\nFirst Reserve is one of the world's leading private equity firms,\nfocusing on the energy industry. RBC Capital Markets group acted as financial\nadvisor to First Reserve in respect of the Arrangement.\n\n\nSchlumberger Oilfield Holdings Limited is a subsidiary of Schlumberger\nLimited ("Schlumberger"), the world's leading oilfield services company. In\n2007, Schlumberger's revenue was US$23.28 billion. CIBC Wo...