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Monday, September 17, 2007
Monday September 17, 4:48 pm ET
CALGARY, Sept. 17 /CNW/ – Rally Energy Corp. ("Rally") is pleased to announce that at a special meeting held today, Rally’s shareholders and optionholders approved the proposed acquisition arrangement with Logria Corporation (the "Purchaser"), an affiliate of Citadel Capital Company and National Petroleum Company S.A.E. The final certified results of the vote are as follows:
- 99.2% of common shares voted in favour of the arrangement, 0.8% voted
against. A total of 70,695,928 votes were cast, representing 61% of
outstanding common shares.
- 100% of options voted in favour of the arrangement. A total of
6,949,233 votes were cast, representing all outstanding options.
These totals exceed the required two-thirds of the votes cast on the arrangement resolution by shareholders present in person or represented by proxy at the special meeting, and shareholders and optionholders present in person or represented by proxy at the special meeting voting together. As previously announced, the arrangement will be submitted to the Ontario Superior Court of Justice (Commercial List) for a final order of approval on September 18, 2007. No registered shareholders exercised dissent rights with respect to the proposed arrangement.
The closing of the arrangement is expected to occur after the satisfaction and/or waiver of all conditions precedent to the arrangement, which is currently expected to be on or about September 21, 2007. Subject to court approval, in order to facilitate closing, the plan of arrangement implementing the arrangement has been modified to the effect that the funds required to be deposited by the Purchaser to pay all cash consideration to securityholders of Rally must arrive in the account of the depository for the arrangement prior to the plan of arrangement becoming effective, rather than at or prior to the first moment in time on the closing date.
Based in
****The TSX has neither approved nor disapproved of the contents of this news release.
For further information
Abby Badwi, President & CEO, or Douglas Urch, Vice President, Finance & CFO, Tel: (403) 538-0000, Fax: (403) 538-3705
Source: Rally Energy Corp.
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