C.A. Bancorp Ltd.: Shareholders Express Concern About Tiverton 'TSX:TIV' Transaction.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- C.A. Bancorp Ltd. ("CAB") and Strategic Energy Fund ("SEF SEF Search Engine Friendly SEF Serviço de Estrangeiros e Fronteiras (Portugal; Portuguese Immigration and Border Control Office) SEF Symantec Enterprise Firewall SEF Straits Exchange Foundation (China) ") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :SEF.UN) today announced their reaction to the announcement by Tiverton Petroleum Ltd. ("Tiverton") on December 23, 2005 that it had entered into an agreement for Arsenal Energy Inc. to acquire Tiverton in exchange for shares of Arsenal. On November 8, 2005, CAB and SEF requisitioned a Meeting of Shareholders of Tiverton for the purpose of removing the current Tiverton board of directors and electing a new board. They took this action due to the inadequate performance of Tiverton. In response to the requisition A written demand; a formal request or requirement. The formal demand by one government upon another, or by the governor of one state upon the governor of another state, of the surrender of a fugitive from justice. The taking or seizure of property by government. , Tiverton announced, on December 5, 2005, that it was calling a Shareholders Meeting scheduled for February 8, 2006. However, in the December 23, 2005 announcement of the Arsenal transaction Tiverton also announced a delay of the planned shareholders meeting until February 23, 2006. CAB and SEF, who together own approximately 15% of the outstanding common shares of Tiverton, announced that they are concerned, among other things, that the merger appears to be injurious in·ju·ri·ous adj. 1. Causing or tending to cause injury; harmful: eating habits that are injurious to one's health. 2. to the interests of Tiverton's shareholders, about the timing of the merger announcement, its effect in delaying the requisitioned meeting, the size of the non-completion fee payable to Arsenal, and the motives behind Tiverton agreeing to merge with Arsenal at this time. CAB and SEF indicated that they have retained a financial advisor to assist them in analysing the transaction and that they are reviewing their legal and other options with their advisors. CAB specializes in merchant banking transactions in the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. mid-market sector, including private equity investments, buyouts, going private transactions and other investment opportunities. The Exchange Tower 130 King Street West Suite 2850, P.O. Box 104 Toronto, Ontario M5X 1A4 |
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