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Petroleum Receives Court Approval For Company Split
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CALGARY, July 8, 2008 -- Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to announce that on July 2, 2008, it received approval of the
British Columbia Supreme Court for its plan of arrangement (the
"Arrangement") pursuant to which all of Bankers U.S. operations and
assets will be spun out into BNK Petroleum Inc. ("BNK-US"), which has
been approved for listing and trading on the TSX Exchange (the "TSX")
under the symbol BKX. In addition, all conditions to the Arrangement
were either met or waived. As such, the Court's final order was filed
with the Registrar of Companies pursuant to the Business Corporations
Act (British Columbia). Bankers has since completed regulatory filings
in connection with the Arrangement and certain details relating to
timing and warrant exercise price adjustments are now available and
described below.
On Thursday, July 10, 2008, Bankers common shares ("Bankers Shares")
will begin trading on TSX and AIM on an ex-BNK-US basis and BNK-US's
common shares ("BNK-US Shares") will also begin to trade on TSX on a
"when issued" basis. The date and time for determining which Bankers
shareholders are entitled to receive BNK Shares will be on Monday, July
14, 2008 at 4:30 p.m. (Calgary time) (the "Record Time"). As such, the
last day to acquire Bankers Shares on TSX or AIM in order to be
entitled to receive BNK-US Shares pursuant to the Arrangement will be
Wednesday, July 9, 2008. Certificates representing BNK-US Shares are
expected to be sent to registered holders by Thursday, July 17, 2008.
Pursuant to the Arrangement, Bankers shareholders will receive one (1)
BNK-US Share for each ten (10) Bankers Shares held at the Record Time.
At the Record Time, the exercise prices for Bankers two batches of
listed common share purchase warrants (the "Purchase Warrants") will be
adjusted to reflect the spinout of BNK-US from Bankers in accordance
with the terms of the applicable warrant indenture. For the purposes of
this adjustment, Bankers board of directors has confirmed, after
further consultation with its financial advisors, that the enterprise
value of BNK-US is CAD$131 million. The Purchase Warrants listed under
the symbol BNK.WT will have their exercise price share adjusted from
CAD$0.95 to approximately CAD$0.83 per Bankers Share. The Purchase
Warrants listed under the symbol BNK.WT.A will have their exercise
price adjusted from CAD$0.90 to approximately CAD$0.79 per Bankers
Share. Bankers will issue a further news release when the final
adjusted exercise prices for the Purchase Warrants are confirmed.
Also at the Record Time, Bankers unlisted common share purchase
warrants and stock options will be adjusted in accordance with the same
formula applied to the purchase warrants.
Following the Record Time, Bankers intends to complete the
consolidation of the Bankers Shares on the basis of one (1) new
post-consolidation Bankers Share for each three (3) pre-consolidation
Bankers Shares, subject to regulatory approval. Further details and
timing in respect of the consolidation, including the resulting
adjustments to the exercise prices of the Purchase Warrants, will be
set out soon in a further press release.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on developing large oil and gas reserves. In
Albania, Bankers operates and has the full rights to develop the
Patos-Marinza heavy oil field and has a 100% interest in the Kucova oil
field. Bankers' shares are traded on the Toronto Stock Exchange and the
AIM Market in London, England under the stock symbol BNK.
For further information, contact:
Abby Badwi
Chief Executive Officer
(403) 513-2694
Doug Urch
VP, Finance and Chief Financial Officer
(403) 513-2691
Susan J. Soprovich
VP, Investor Relations and Corporate Governance
(403) 513-2681
Email: investorrelations@bankerspetroleum.com
Website: www.bankerspetroleum.com
AIM NOMAD:
Canaccord Adams Limited
Ryan Gaffney/Henry Fitzgerald-O'Connor
+44 20 7050 6500
AIM JOINT BROKERS:
Canaccord Adams Limited
Ryan Gaffney/ Henry Fitzgerald-O'Connor
+44 20 7050 6500
Tristone Capital Ltd.
Nick Morgan
+44 20 7355 5800
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Copyright (c) 2008 BANKERS PETROLEUM LTD. (BNK.H) All rights reserved.
For more information visit our website at http://www.bankerspete.com/
or send mailto:info@bankerspetroleum.com
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