CALGARY, ALBERTA–(Marketwired – Nov. 30, 2015) –
Pan Orient Energy Corp. (“Pan Orient” or the “Corporation”) (TSX VENTURE:POE) is pleased to announce that it plans to pay a $0.40 per share special distribution to shareholders, subject to shareholder and regulatory approval.
The distribution is intended to be a return of capital, which will require shareholder approval. Pan Orient anticipates that the required shareholder meeting will be held in mid-February 2016. If approved by shareholders, the record date for the determination of shareholders entitled to receive the distribution would be set and the distribution paid in late February 2016. The distribution by return of capital is expected to be generally more tax advantageous to shareholders than a dividend.
The distribution will be funded from Pan Orient’s cash reserves, a significant portion of which resulted from the sale by Pan Orient in February 2015 of a 49.99-per-cent equity interest in Pan Orient Energy (Siam) Ltd., which holds a 100% interest in Concession L53/48 in Thailand. The remaining cash reserves are expected to be sufficient to fund the needs of Pan Orient’s continuing business operations for the foreseeable future.
This press release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as “plan”, “intend”, “expect”, “believe”, “estimate”, “should”, “anticipate” and “potential” or other similar wording. Forward-looking information in this press release includes, but is not limited to, payment, amount and structure of the special distribution, shareholder meeting date and required approval, record and payment dates, tax consequences, cash resources and anticipated expenditures and upcoming press releases. By its very nature, the forward-looking information contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information contained in this press release is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pan Orient Energy Corp.
Jeff Chisholm, President and CEO
(located in Bangkok, Thailand)
Pan Orient Energy Corp.
Bill Ostlund, Vice President Finance and CFO