Whitecap Resources Inc. and Veren Inc. Announce Results
Whitecap Resources Inc. (TSX: WCP) and Veren Inc. (TSX: VRN) are excited to share the results from their special shareholder meetings that have paved the way for a significant merger. The combination has received favorable votes from shareholders, solidifying the future plans for both entities.
Shareholder Meetings Overview
The special shareholder meetings held virtually allowed shareholders to vote on the proposed merger plans. During these meetings, each company laid out its vision and expectations surrounding the business combination.
Approval from Whitecap Shareholders
During the meeting, an impressive 88.72% of votes cast by Whitecap shareholders supported the approval of the issuance of common shares to Veren shareholders. This overwhelming majority indicates a strong belief in the mutual benefits expected from the merger.
Veren Shareholders’ Strong Support
Veren's meeting showcased even more confidence, with a staggering 99.78% of shareholders voting in favor of the business combination. Such unanimous support highlights the collective optimism regarding the strategic benefits of merging.
Next Steps for the Merger
Following these successful meetings, the application for approval from the Court of King’s Bench is set for consideration shortly. The anticipated timeline suggests that the combination could be finalized soon, subject to the court's approval and the fulfillment of standard closing conditions.
Projected Closing Timeline
If the court grants the necessary approvals, the business combination is expected to close shortly thereafter. As part of this transition, Veren's common shares are on track to be delisted from the Toronto Stock Exchange, marking a new chapter in their corporate journey.
Implications for U.S. Investors
The impending business combination will lead to the cessation of trading for Veren's common shares on the New York Stock Exchange (NYSE). U.S. investors holding shares in Veren are encouraged to seek advice regarding the potential impacts of this merger on their investments.
Communication and Leadership Contact Information
For those seeking further clarity or details on the merger, key contact personnel from both companies are available. Grant Fagerheim, President & CEO of Whitecap, and Thanh Kang, Senior Vice President & CFO, are reachable for inquiries regarding Whitecap. Additionally, Craig Bryksa and Ken Lamont stand ready to address queries for Veren Inc.
Address and Contact Information
Individuals and investors can reach out to Whitecap Resources at their Calgary office located at 3800, 525 – 8th Avenue SW, Calgary, AB T2P 1G1, or contact them by phone at (403) 266-0767. Veren Inc. operates from its office at 2000, 585 – 8th Avenue SW, Calgary, AB T2P 1G1, and can be reached at (403) 693-0020.
Frequently Asked Questions
What was decided in the shareholder meetings?
Shareholders from both Whitecap Resources and Veren Inc. voted overwhelmingly in favor of a business combination between the two companies.
What is the expected timeline for the merger?
The merger is anticipated to close shortly after approval from the Court of King’s Bench, if all conditions are met.
How will the merger affect Veren's stock listings?
Veren's common shares will be delisted from the Toronto Stock Exchange, and trading on the New York Stock Exchange will cease following the merger completion.
Who can I contact for more information about the merger?
Investors can reach out to executives at both companies for further information. Grant Fagerheim and Thanh Kang represent Whitecap, while Craig Bryksa and Ken Lamont handle inquiries for Veren.
What are the potential impacts on U.S. investors?
U.S. investors are encouraged to consult with their financial advisors regarding any implications of holding shares in a company that may no longer be listed on U.S. exchanges after the merger.
