Business
Grove shareholders approve arrangement with Stratic
Grove shareholders approve arrangement with Stratic.
About this update from Surge Copper Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, April 18 /CNW/ - Stratic Energy Corporation ("Stratic")\n(TSX-V: SE) and Grove Energy Limited ("Grove" or "Company") (TSX-V & AIM: GRV)\nannounce that at this morning's extraordinary meeting of Grove's shareholders\nand optionholders, 99.95% of the Grove common shares and 100% of Grove options\nthat were represented and voted at the meeting were voted in favour of an\narrangement under which all Grove shareholders will exchange each of their\nGrove common shares for 0.61879 of a voting common share of Stratic and all\nGrove optionholders will exchange each option to acquire a common share of\nGrove into an option to acquire 0.6189 of a Stratic voting common share. The\nexercise price of each Grove option will be adjusted such that the exercise\nprice is increased to an adjusted exercise price in accordance with the terms\nof the arrangement agreement. There were no dissenting Grove shareholders.\n\n\nThe completion of the transaction remains subject to approval of the\nSupreme Court of British Columbia as well as satisfaction or waiver of other\nconditions. Application for the final court approval is scheduled to be heard\nby the Supreme Court of British Columbia on Friday, 20 April 2007. If court\napproval is obtained and other conditions to the closing are satisfied or\nwaived, it is intended that closing of the arrangement will occur during the\nweek of 23 April 2007 and the closing documents will be filed with the BC\nRegistrar of Companies upon which the arrangement will be effective and Grove\nwill become a wholly-owned subsidiary of Stratic.\n\n\nAfter the arrangement is effective, Stratic will apply to the TSX Venture\nExchange and the Alternative Investment Market to cause Grove's common shares\nto cease trading and will make application to, or filings with, the British\nColumbia, Alberta and Ontario Securities Commissions to have Grove cease to be\na reporting issuer.\n\n\nIn order to exchange Grove common shares for Stratic shares, registered\nGrove shareholders must complete the Letter of Transmittal sent to them on\n27 March 2007 and surrender their Grove share certificates to the Depository,\nPacific Corporate Trust Company, 510 Burrard Street, 2nd Floor, Vancouver,\nBritish Columbia V6C 3B9; Attention: Manager, Client Services.\n\n\nNon-registered Grove sharehol...