CALGARY, ALBERTA–(Marketwired – Jan. 7, 2016) – Anderson Energy Inc. (“Anderson” or the “Company”) (TSX:AXL) announces that the special meeting of the holders of 7.50% Series A convertible unsecured subordinated debentures due January 31, 2016 (the “Series A Debentures”) and holders of 7.25% Series B convertible unsecured subordinated debentures due June 30, 2017 (the “Series B Debentures”, and together with the Series A Debentures, the “Debentures”) scheduled for January 11, 2016 has been postponed to January 18, 2016. The special meeting has been called to consider an extraordinary resolution pursuant to which all of the Debentures will be settled and all claims of the Debentureholders thereunder will be extinguished in exchange for common shares (“Common Shares”) in the capital of Anderson and the payment of certain interest amounts in cash (the “Exchange Transaction”). The special meeting will now be held at 10:00 a.m. (MST) on January 18, 2016, at the Westwinds Conference Room, 2nd Floor Selkirk House, 555 4th Avenue S.W., Calgary, Alberta, Canada.
The postponement of the special meeting will allow additional time for all Debentureholders to participate in the votes on the Exchange Transaction and deposit proxies or make changes to any previously deposited proxies in advance of the special meeting.
Under the terms of the Exchange Transaction, $50.0 million of Series A Debentures and $46.0 million of Series B Debentures will be extinguished in exchange for approximately 2.659 billion Common Shares issued from treasury on or before January 31, 2016 (the “Effective Date”). On the Effective Date, the Company will pay $1.875 million in cash to the holders of the Series A Debentures which represents the interest that would have otherwise accrued on the Series A Debentures up to January 31, 2016, and $1.667 million in cash to the holders of the Series B Debentures which represents the interest that would have otherwise accrued on the Series B Debentures up to the first possible date the Series B Debentures could be redeemed, being June 30, 2016. Following the completion of the Exchange Transaction, Anderson will have no debt, and will have approximately 2.832 billion outstanding Common Shares. Debentureholders should review the information circular of Anderson dated December 7, 2015 for further information regarding the Exchange Transaction.
Anderson’s board of directors has unanimously endorsed the Exchange Transaction and is recommending that Debentureholders vote for the Exchange Transaction.
Debentureholders who have not voted or wish to change their vote may do so by following the instructions set forth on the voting instruction form provided to them. In order to revoke a previously delivered proxy, Debentureholders should carefully follow any revocation instructions set forth on the voting instruction form provided to them by their intermediary or agent.
As a result of the postponement, proxies in respect of the special meeting must now be received by Computershare Trust Company of Canada no later than 10:00 a.m. (MST) on January 14, 2016.
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