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Monday, June 9, 2014
Caracal Energy announced the results of its special meeting of holders of common shares who were to consider and to vote on a plan of arrangement under the Canada Business Corporations Act. The vote was almost unanimous in favor of the acquisition of the company by Glencore. The arrangement was approved by 99.79% of the votes cast.
Under the arrangement Glencore will acquire all of the issued and outstanding common shares of Caracal for £5.50 per common share in cash.
Caracal also reported that, following the special meeting, the Court of Queen’s Bench of Alberta granted its final order approving the acquisition. Caracal expects the arrangement to close in late-June or early-July.
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