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CHQ shareholder approval for TO by SNG
Aug 08, 2009 04:28PM
CALGARY, ALBERTA--(Marketwire - Aug. 7, 2009) - Challenger Energy Corp. ("Challenger" or the "Company") (TSX VENTURE:CHQ) is pleased to announce that today, at the Company's annual and special meeting of holders of common shares (the "Shareholders"), the Shareholders' approved the arrangement (the "Arrangement") among the Company, Canadian Superior Energy Inc. ("Canadian Superior") and the Shareholders providing for the acquisition by Canadian Superior of Challenger. The Arrangement received strong support with over 99% of the Shareholders voting in favour of the Arrangement. All other annual meeting resolutions were also approved by the Shareholders.
Challenger proposes to effect the Arrangement by way of plan of arrangement under the Canada Business Corporations Act. Once effective, Canadian Superior will acquire all of the outstanding common shares of Challenger in exchange for the issuance of 0.51 of a common share of Canadian Superior for each outstanding common share of Challenger.
The Arrangement is anticipated to close by late September and is subject to, among other things, the approval of the Court of Queen's Bench of Alberta, the receipt of all necessary regulatory and stock exchange approvals and certain closing conditions that are customary for a transaction of this nature.