CALGARY, AB – Perpetual Energy Inc. (“Perpetual” or the “Company”) is pleased to announce the results of its special meeting of Perpetual shareholders to consider the Plan of Arrangement under the Business Corporations Act (Alberta) (the “Plan of Arrangement”) involving Perpetual, the shareholders of Perpetual and Rubellite Energy Inc. (“Rubellite”).
Special Meeting of Shareholders
Today Perpetual received the overwhelming approval of its shareholders for the Plan of Arrangement at a special meeting of Perpetual shareholders held to consider the Plan of Arrangement, among other things (the “Meeting”). The Arrangement was approved by 99.78% of the votes cast by Perpetual shareholders present in person or represented by proxy at the Meeting and no shareholders exercised their dissent rights. The Rubellite Incentive Plan was approved with 99.39% of the votes cast in favor of the Rubellite Incentive Plan resolution.
The detailed results of the vote for the Arrangement resolution and Rubellite Incentive Plan resolution at the Meeting held earlier today in Calgary, Alberta are set out below.
Resolution |
Votes For |
% |
Votes |
% |
Abstain |
% |
Total |
% of Shares |
Arrangement |
43,914,305 |
99.78 |
97,954 |
0.22 |
0 |
0.000 |
44,012,259 |
68.35 |
Rubellite Incentive Plan |
43,742,216 |
99.39 |
270,043 |
0.61 |
0 |
0.000 |
44,012,259 |
68.35 |
Final Court Order
Subsequent to the Meeting, Perpetual made application for a final order of the Court of Queen’s Bench of Alberta (the “Court”) to approve the Arrangement (the “Arrangement Hearing”). No Perpetual shareholder, security holder or creditor served notice of intention to appear. As previously announced, notices of intention to appear were received from PricewaterhouseCoopers Inc. (“PwC”), in its capacity as the Trustee in bankruptcy of Sequoia Resources Corp. (“Sequoia”) and the Orphan Well Association (“OWA”) and briefs had been filed indicating that the parties oppose the application for approval of the Plan of Arrangement. Both PwC and the OWA did appear at the Arrangement Hearing and both PwC and the OWA opposed the Plan of Arrangement. Following submissions and oral arguments, the Court adjourned to consider the evidence and formulate its determination.