June 12, 2014
/PRNewswire/ - Equal Energy Ltd. ("Equal" or the "Company") (NYSE: EQU) (TSX: EQU) today announced it has filed a definitive management information circular and proxy statement (the "Circular") with respect to a proposed plan of arrangement under the
Business Corporations Act
) involving Equal, the shareholders of Equal ("Equal Shareholders"), Petroflow Energy Corporation and Petroflow Canada Acquisition Corp. ("Petroflow Sub" and together with Petroflow Energy Corporation, "Petroflow").
Equal's Board of Directors (the "Board") recommends in the Circular that Equal Shareholders vote
Under the Arrangement, Petroflow Sub will acquire all of the outstanding common shares of Equal for
per share, payable in cash. Upon completion of the Arrangement, Equal Shareholders will also receive a cash dividend of
"This all-cash offer plus dividend represents the best value for Equal shareholders and reflects the outcome of a rigorous process undertaken to explore the full range of strategic alternatives to maximize value for shareholders," said
, Chairman of the Board. "The Board of Directors is unanimous in its view that the Petroflow Arrangement is the best way forward for Equal and its shareholders and we recommend that shareholders vote to approve the Arrangement."
Equal Shareholders are encouraged to read the Circular and are invited to attend a special meeting of Equal Shareholders, which will be held on
July 8, 2014
Calgary, Alberta, Canada
to consider the Arrangement. Complete information regarding voting at the meeting or by proxy and applicable proxy cut-off times is included in the Circular.
About the Arrangement
The Arrangement is the culmination of a strategic review process conducted by an independent committee of the Board (the "Special Committee").