Business
Ascendant Copper Announces Adoption of Shareholder Rights Plan
TSX symbol: ACX Berlin-Bremen Stock Exchange symbol: A0HMLE Frankfurt Freiverkehr (WKN A0HMLE) A5C
About this update from Vital Energy Inc.
[{"type":"text","content":"\n\n\n\nTSX symbol: ACX\n\n\nBerlin-Bremen Stock Exchange symbol: A0HMLE\n\n\nFrankfurt Freiverkehr (WKN A0HMLE) A5C\n\n\nVANCOUVER, May 23 /CNW/ - Ascendant Copper Corporation ("Ascendant" or\n"the Company") (TSX:ACX) today announced that the Board of Directors has\napproved the adoption of a Shareholder Rights Plan (the "Rights Plan").\n\n\nThe Rights Plan is designed to ensure the fair treatment of shareholders\nin any take-over bid made for the Company's common shares. The Rights Plan is\nintended to provide shareholders and the Board of Directors with adequate time\nto consider and evaluate any unsolicited take-over bid made for the Company's\ncommon shares and, if appropriate, to seek out other alternatives to maximize\nshareholder value. The Board of Directors believes that the dominant effect of\nthe Rights Plan will be to enhance shareholder value, ensure equal treatment\nof all shareholders in the context of an acquisition of control, and lessen\nthe pressure upon a shareholder to tender to a bid.\n\n\nThe Rights Plan is subject to ratification and confirmation by the\nCompany's shareholders at the next annual and special meeting of shareholders\nto be held on June 25, 2008. If the shareholders do not ratify and confirm the\nRights Plan, the Rights Plan will terminate and cease to be effective at that\ntime.\n\n\nThe Rights Plan is similar to rights plans adopted by other Canadian\ncorporations. The rights issuable under the Rights Plan will become\nexercisable when a person, together with any parties related to it, acquires\nor announces its intention to acquire 20% or more of the Company's outstanding\ncommon shares without complying with the "Permitted Bid" provisions of the\nRights Plan or without approval of the Board of Directors. In that event,\nshareholders (other than the acquiring person and related persons) will become\nentitled to purchase shares of the Company at one-half the prevailing market\nprice at the time the rights become exercisable. A "Permitted Bid" is a\ntake-over bid made to all shareholders which is open for acceptance for not\nless than 60 days. If at the end of the 60-day period at least 50% of the\noutstanding shares, other than those owned by the offeror and related parties,\nhave been tendered, the offeror may take up and pay for the shar...