Saxon Energy Services Inc. Announces Shareholder Approval of Arrangement

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[{"type":"text","content":"\n\n\n\nCALGARY, July 15 /CNW/ - Saxon Energy Services Inc. ("Saxon") (TSX:SES)\ntoday announced that at a special meeting held today its shareholders approved\nthe plan of arrangement involving Saxon, its shareholders, its option holders\nand Sword Canada Acquisition Corporation ("Sword"), an acquisition company\nindirectly jointly owned by Schlumberger Oilfield Holdings Limited and an\naffiliate of a fund managed by First Reserve Corporation (the "Arrangement").\nSaxon also announced today that the Alberta Court of Queen's Bench has\napproved the Arrangement.\n\n\nAs previously announced, the Arrangement involves the acquisition of all\nof Saxon's outstanding common shares for cash consideration of Cdn$7.00 per\nshare, other than a portion of the common shares held by certain members of\nsenior management of Saxon which are expected to be exchanged for equity in an\naffiliate of Sword.\n\n\nThe special resolution approving the Arrangement was approved this\nmorning at a special meeting of shareholders by approximately 92.1% of the\nvotes cast by holders of common shares. As required under Canadian securities\nlaws, the special resolution approving the Arrangement was also approved by\napproximately 91.9% of the votes cast by holders of common shares, excluding\nvotes cast in respect of shares that are required to be excluded for purposes\nof the Arrangement pursuant to section 8.1(2) of Multilateral Instrument\n61-101 Protection of Minority Security Holders in Special Transactions. Final\nvoting results will be made available on SEDAR at www.sedar.com in the coming\ndays.\n\n\nCompletion of the Arrangement remains subject to a number of conditions,\nsome of which are beyond Saxon's and Sword's control. Although the exact\ntiming of implementation of the Arrangement is not currently known both Saxon\nand Sword currently expect the closing to occur by the end of August 2008.\n\n\nForward-Looking Information\n\n\nCertain information contained in this press release, including\ninformation and statements which may contain words such as "expect" and\nsimilar expressions and statements relating to matters that are not historical\nfacts, are forward-looking information including, but not limited to,\ninformation as to the completion of the acquisition of all of the shares of\nSaxon (the "Co...

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