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EnQuest Acquisition of Stratic Energy Corporation

Source: www.gulfoilandgas.com 11/8/2010, Location: Europe

EnQuest announced on 3 August 2010 that as part of the transaction EnQuest is refinancing Stratic’s US$74.7 million net debt (as at 30 June 2010).

Stratic shareholders receive a total of 24,434,983 EnQuest ordinary shares and it is expected that at 8:00 AM Monday 8 November 2010, these will be admitted to the Official List and to trading on the London Stock Exchange. Following admission of these shares, EnQuest’s issued share capital will consist of 799,462,905 shares with voting rights.

The transaction constitutes a change of control of Stratic for the purposes of Stratic’s outstanding convertible notes and convertible debentures, requiring Stratic to make offers to purchase such securities in accordance with their terms. EnQuest intends to cause Stratic to make such offers and acquire such securities for cash consideration.

All outstanding stock options of Stratic were cancelled on closing pursuant to stock option termination agreements entered into with holders of all outstanding Stratic options.

As a result of the Acquisition, EnQuest has become a reporting issuer in British Columbia, Alberta and Ontario. EnQuest is subject to the reporting requirements of the Financial Services Authority of the United Kingdom and the ongoing requirements of the London Stock Exchange (collectively, the “UK Requirements”). EnQuest will comply with the UK Requirements in connection with its oil and gas activities rather than the requirements of the Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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