CALGARY, Jan. 14 /CNW/ - Progress Energy Trust ("Progress Trust") (TSX-PGX.UN) and ProEx Energy Ltd. ("ProEx") (TSX-PXE) today announced that the securityholders of both companies voted overwhelmingly in favor of the business combination announced on November 17, 2008.
Progress Securityholders and Progress Performance Unitholders voted over 90 percent in favor of the Plan of Arrangement resolution, 86 percent in favor of the Share Unit Plan resolution and 87 percent in favor of the Stock Option Plan resolution.
ProEx Shareholders voted over 99 percent in favor of the Plan of Arrangement resolution, 88 percent in favor of the Share Unit Plan resolution, 89 percent in favor of the Stock Option Plan resolution and essentially 100 percent in favor of the Corporate Name Change resolution.
Court and other regulatory approvals have been received and the closing is scheduled to occur, and be effective, on Thursday, January 15, 2009.
Advisory Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the completion of the Arrangement.
The forward-looking statements and information are based on certain key expectations and assumptions made by ProEx and Progress Trust, including expectations and assumptions concerning the satisfaction of the remaining conditions to the completion of the Arrangement. Although ProEx and Progress Trust believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because ProEx and Progress Trust can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the failure to satisfy remaining conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release concerning these times.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of ProEx, Progress Trust, or the combined company are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and ProEx and Progress Trust undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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