Business
Western Energy Services Corp. Enters Into an Agreement to Acquire Pantera Drilling Income Trust
Western Energy Services Corp. Enters Into an Agreement to Acquire Pantera Drilling Income Trust
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\n Oct. 18, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nCALGARY, Oct. 18 /CNW/ - Western Energy Services Corp. ("Western" or "the Company") (TSX Venture: WRG) and Pantera Drilling Income Trust ("Pantera") (TSX: RIG.UN) are pleased to announce that they have entered into an Arrangement Agreement whereby, subject to certain conditions, Western will acquire all of the issued and outstanding units of Pantera (the "Transaction") in exchange for shares of Western.\nUnder the terms of the Transaction, Pantera unitholders will receive 21.9048 common shares of Western ("Western Shares") for each income trust unit of Pantera ("Pantera Unit") held, resulting in the issuance of approximately 226 million Western Shares. The consideration offered to Pantera is equivalent to $4.60 per Pantera Unit based on a deemed value of $0.21 per Western share and represents a 35.7% premium to Pantera's five-day volume weighted average trading price of $3.39 per unit as at October 15, 2010. The total transaction value is approximately $64.1 million, including the assumption of approximately $16.6 million in net debt (estimated at closing), severance and transaction costs. Upon completion of the Transaction, Western shareholders will own approximately 72% of the combined entity and Pantera unitholders will collectively own approximately 2...