“Acting together now means we can remain independent in the long term. The principles that guided shareholders’ investments in Canadian Oil Sands remain sound.”
— Ryan Kubik, President and CEO
CALGARY, Jan. 6, 2016 /CNW/ – Today Canadian Oil Sands Limited (“Canadian Oil Sands”) released a new corporate trailer: “Valuable. For the Long Term.” The video showcases the numerous initiatives underway to maximize long-term shareholder value at a strong, independent Canadian Oil Sands and thanks shareholders for their overwhelming support of Canadian Oil Sands in its rejection of Suncor Energy Inc.’s (“Suncor”) substantially undervalued hostile bid.
The text of the video is included below:
Ryan Kubik, President and Chief Executive Officer: Change is underway and that’s a good thing for Canadian Oil Sands shareholders. Our key asset, Syncrude, is entering a new era of low-cost operations. Our capital projects have been completed below budget and ahead of schedule. And in a lower-for-longer oil price environment, we’re covering all of our operating costs and our dividends.
Canadian Oil Sands shareholders are poised to capture the upside in their investment, but Suncor is trying to scare you into locking in the downside.
I’ve heard from many shareholders, big and small, and they say that Suncor’s bid is inadequate. It doesn’t fairly compensate them for the assets they own. They don’t support the hostile bid.
Soon, Suncor’s substantially undervalued offer will lapse, and when it does they say they’ll walk away. For all of us as Canadian Oil Sands shareholders that leaves a more compelling and valuable alternative: Independence.
Acting together now means we can remain independent in the long term.
Canadian Oil Sands wasn’t looking to sell itself before, and Suncor’s low-ball bid doesn’t make us conclude we should now. Our board has looked at all the alternatives and independence by far is the better decision.
The principles that guided shareholders’ investments in Canadian Oil Sands remain sound. A valuable one-of-a-kind asset, generations of reserves and a share price poised to surge with rising oil prices.
The inescapable reality is that oil prices will recover. Shareholders invested in Canadian Oil Sands for that exposure. They’ve held their shares through unprecedented, hard times in the energy sector. Now is the time to secure the benefits of a strong, independent Canadian Oil Sands by standing with us and rejecting the Suncor bid.
A full share of Canadian Oil Sands is far more valuable than a quarter share of Suncor. Thank you for your continued support of a strong, independent Canadian Oil Sands.