BANKERS PETROLEUM ANNOUNCES CLOSING OF PLAN OF ARRANGEMENT TRANSACTION
CALGARY, September 29, 2016 – Bankers Petroleum Ltd. (“Bankers” or the “Company”) is pleased to announce, with effect from today, the closing of its previously announced plan of arrangement (the “Arrangement”) with affiliates of Geo-Jade Petroleum Corporation (collectively, “Geo-Jade”).
Pursuant to the Arrangement, Geo-Jade has acquired all the issued and outstanding common shares of Bankers (the “Bankers Shares”) through its affiliates for a cash price of C$2.20 per Bankers Share. It is expected that the Bankers Shares will be delisted from the Toronto Stock Exchange (“TSX”) in approximately three to four business days. The Bankers Shares will also be delisted from the AIM market of the London Stock Exchange and this cancellation of the AIM Bankers Shares is expected to occur at 8:00 am BST on 30 September 2016.
Bankers understands that beneficial shareholders, who hold their common shares through an intermediary such as a bank, broker or investment firm, should expect to receive payment approximately five to seven business days after closing.