CALGARY, AB–(Marketwired – November 12, 2015) –
Canadian Oil Sands Limited (TSX: COS) (OTCQX: COSWF) (“COS” or “Canadian Oil Sands”) declares the latest letter from Suncor Energy Inc. (“Suncor”) for what it is: A desperate attempt to scare shareholders into tendering and mask the deficiencies of Suncor’s substantially undervalued bid.
“Fearmongering will not breathe life into a dead offer,” said Ryan Kubik, CEO of Canadian Oil Sands. “If Suncor had confidence in the merits of its bid, it wouldn’t be trying to ram it through by challenging our Shareholder Rights Plan. It would not need to try to steal time for a decision from our shareholders. Suncor is clearly not listening when our shareholders tell them the same thing they are saying to us — this bid won’t fly. Shareholders don’t need to do anything to reject this unwelcome and underwhelming bid. In fact, save yourself the time and hang up when Suncor or one of its paid brokers call.”
Kubik noted Suncor’s position is inconsistent in that it is trashing Syncrude and COS at every turn yet desperately trying to scare and mislead shareholders into an urgent sale. In addition, in his open letter to COS’ shareholders, Steve Williams incorrectly describes the terms of his own offer, leaving shareholders with the impression there is only one time to tender. He knows that is simply not true and those are coercive tactics.
“While Suncor uses fear and intimidation to pressure our shareholders, COS’s Board is working for shareholders by giving them more time through the Shareholder Rights Plan and conducting a thorough evaluation of alternatives to surface better value,” said Donald Lowry, Chairman of Canadian Oil Sands. “Those higher-value alternatives range from a superior offer to remaining an independent company.”
The facts about Suncor’s undervalued, opportunistic and exploitive offer that have shareholders saying “no thanks”:
“If it represented good value, Suncor’s offer would sell itself. If Suncor believed in the merits of its bid it wouldn’t need to resort to paying brokers a $1500 bounty to pursue COS shareholders,” Kubik added. “COS shareholders have done the hard work of developing Syncrude and stuck with us as the market has cycled down; they deserve to benefit from a lower-cost business and recovery in the price of oil in a way Suncor can’t provide. Our shareholders bought COS knowing it was levered to the price of oil, has 46 years of reserves and a strong dividend track record. The principles on which they made their investment decision remain sound.”
To REJECT the Suncor bid, simply TAKE NO ACTION. |
Do not tender your shares of Canadian Oil Sands Limited. |
For further information, please visit our website at www.rejectsuncor.ca or contact our information agent, Kingsdale Shareholder Services at 1-866-851-3215 or contactus@kingsdaleshareholder.com |
How to Withdraw Tendered Shares:
Shareholders with questions about the offer or who have tendered their COS shares to the Suncor offer and wish to withdraw them can do so by contacting their broker or COS’ information agent and advisor, Kingsdale Shareholder Services at 1-866-851-3215 or contactus@kingsdaleshareholder.com.
Ticker Symbols
Toronto Stock Exchange: COS
OTCQX: COSWF
Canadian Oil Sands Limited
COS holds a 36.74 percent interest in the Syncrude project, the largest producer of light, sweet synthetic oil from Canada’s oil sands. As a pure play in Syncrude, COS provides investors with long-life, light crude oil exposure and since 2001 has paid dividends totaling $7.9 billion.
[expand title=”Advisories & Contact”]For more information please visit www.rejectsuncor.ca
For further information contact:
Siren Fisekci
VP, Investor & Corporate Relations
(403) 218-6220
invest@cdnoilsands.com
Ian Robertson
Kingsdale Shareholder Services
Vice President, Communications
Direct: 416.867.2333
Cell: 647.621.2646
irobertson@kingsdaleshareholder.com
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