HOUSTON, Jan. 6, 2014 (GLOBE NEWSWIRE) -- Coastal Energy Company ("Coastal")
(TSX:CEN) (AIM:CEO) announced today that its shareholders have voted to approve
the merger (the "Merger") with Condor Acquisition (Cayman) Limited
("Purchaser"). As previously announced on November 19, 2013, Purchaser, a newly-
incorporated entity controlled by CompaÃ±Ãa EspaÃ±ola de PetrÃ³leos, S.A.U.
("CEPSA") and in which Strategic Resources (Global) Limited ("SRG") is an
investor, entered into a definitive merger agreement with Coastal pursuant to
which it would acquire all of Coastal's issued and outstanding shares. The
Merger was approved by 97.56% of the votes cast at Coastal's extraordinary
meeting of shareholders. Under the terms of the Merger, Coastal shareholders
will receive consideration of C$19.00 in cash for each common share of Coastal
(each, a "Common Share").
The Merger is expected to become effective as soon as practicable following the
satisfaction or waiver of certain conditions specified in the merger agreement
(the "Effective Date").Â Upon completion of the Merger, Coastal will become a
wholly owned subsidiary of Purchaser and the Common Shares will be delisted from
the Toronto Stock Exchange ("TSX") as soon as practicable following the
Effective Date.Â In addition, provided the Merger has been completed prior to
such time, the depositary interests representing Common Shares will be delisted
from the AIM market operated by the London Stock Exchange plc ("AIM") with
effect from 7:00 am (UK time) on January 16, 2014.
This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws and which are based
on the expectations, estimates and projections of management of the parties as
of the date of this news release unless otherwise stated. More particularly and
without limitation, this news release contains forward-looking statements and
information concerning the anticipated timing of the completion of the Merger,
the delisting of Common Shares from the TSX and the delisting of depositary
interests representing Common Shares from the AIM.
Forward-looking statements are defined by applicable securities legislation and
are qualified by the inherent risks and uncertainties surrounding future
expectations generally and also may materially differ from actual future
experience involving any one or more of such statements. Such risks and
uncertainties include: uncertainties as to the timing of the Merger; the
possibility that various closing conditions for the Merger may not be satisfied
or waived; the possibility that various regulatory or other approvals will not
be granted; the satisfaction of various other conditions to the completion of
the Merger as contemplated by the merger agreement; the anticipated timing of
the delisting of the Common Shares and the depositary interests representing
Common Shares from the TSX and AIM, respectively; and the possibility that
expected benefits may not materialize as expected.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on other factors that could affect the operations or
financial results of the parties is included in reports on file with the
applicable securities authorities. The forward-looking statements and
information contained in this news release are made as of the date hereof and
the parties undertake no obligation to update publicly or revise any forward-
looking statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities laws.
Coastal is an international exploration and production company with principal
assets in Thailand and Malaysia. Coastal owns and operates 100% of Blocks G5/43
and G5/50 in the Gulf of Thailand as well as varying interests onshore northeast
Thailand including a 13.7% interest in the Phu Horm gas field. Coastal is also
party to a Small Field Risk Service Contract with PETRONAS for the development
and production of petroleum from the Kapal, Banang and Meranti cluster of small
fields offshore Peninsular Malaysia.
CEPSA is an integrated energy company operating at every stage of the oil value
chain, with more than 11,000 employees. It is engaged in petroleum and natural
gas exploration and production activities; refining, the transport and sale of
crude oil derivatives; petrochemicals, gas, and electricity. CEPSA is Spain's
fourth largest industrial group in terms of turnover and has been in the market
for more than 80 years. Through progressive internationalization of its
activities, CEPSA also has business interests in Algeria, Brazil, Canada,
Colombia, Panama, Peru and Portugal and sells its products all over the world.
CEPSA is wholly owned by International Petroleum Investment Company, which is
wholly owned by the Abu Dhabi government.
SRG is a private investment holding company controlled by international value
investor Larry Low H P.
CONTACT: Coastal Energy Company
+1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser)
Rory Murphy / Andrew Emmott
+44 (0) 20 7409 3494
+34 91 3376766
Edelman on behalf of SRG
Lex.Suvanto@edelman.com / Samantha.Nelson@edelman.com
+1 212 729 2463
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originality of the information contained therein.
Source: Coastal Energy Company via GlobeNewswire