Canadian 88 Energy Corp. continues Morrison bid.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 7, 1997--Canadian 88 (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :EEE EEE eastern equine encephalomyelitis. EEE eastern equine encephalomyelitis. .) Canadian 88 Energy Corp. of Calgary, Alberta announced today that it is extending its Offer to acquire all the issued and outstanding common shares of Morrison Petroleums Ltd. from today until 4:30 PM (Calgary time) on February 19, 1997. This extension of the bid accommodates Monday's scheduled hearing of the Ontario and Alberta Securities Commissions which, it is now anticipated, will deal primarily with the question of whether Canadian 88's Offer under its bid is at least equal to $8.25. In its Notice of Extension, Canadian 88 has included additional disclosure regarding the matters raised by staffs of the Ontario and Alberta Securities Commissions in yesterday's Notice of Hearing. Canadian 88 believes this disclosure is totally responsive to the alleged deficiencies in Canadian 88's original bid materials. In addition, Commission staffs have received and reviewed the disclosure. Greg Noval, President of Canadian 88, stated "Canadian 88 had no intention of extending its offer. The Commissions' Notice of Hearing dealt with matters that have been in the press for days but necessitated the extension of our bid. Canadian 88 believes it has addressed fully and completely the concerns regarding disclosure and I welcome the opportunity to return to a debate on the merits on the merits adj. referring to a judgment, decision or ruling of a court based upon the facts presented in evidence and the law applied to that evidence. A judge decides a case "on the merits" when he/she bases the decision on the fundamental issues and considers of our Offer. This additional disclosure plus a resolution of the pre-bid integration issue on Monday will allow the market and Morrison shareholders to focus on our Offer and its potential." Mr. Noval noted "We sought to make a 21 day bid and were prepared to abide by To stand to; to adhere; to maintain. See also: Abide the decision of the Morrison shareholders regarding the acceptability of our Offer. With the issuance of the Notice of Hearing, Canadian 88 was not able to provide this opportunity. Our bid has been extended and we believe it represents the best opportunity for Morrison shareholders. We look forward to consideration of our bid by Morrison shareholders without the distraction Distraction Divination (See OMEN.) Porlock a “person from Porlock” interrupted Coleridge while he was recollecting the dream on which he based “Kubla Khan”. [Br. Lit.: Poems of Coleridge in Magill IV, 756] of innuendo innuendo n. from Latin innuere, "to nod toward." In law it means "an indirect hint." "Innuendo" is used in lawsuits for defamation (libel or slander), usually to show that the party suing was the person about whom the nasty statements were made or why the comments and red herrings Red Herring A preliminary registration statement that must be filed with the SEC describing a new issue of stock (IPO) and the prospects of the issuing company. Notes: . The Commissions have required additional disclosure - we have provided responsive disclosure and look forward to a debate on the merits of our bid which we believe is in the best interests of Morrison shareholders going forward." Canadian 88 Energy Corp. (EEE) is an independent public oil and gas Company with head offices in Calgary, Alberta, Canada. -0- NOTE TO EDITORS: The information contained herein has neither been approved nor disapproved by the Toronto and Alberta Stock Exchanges. CONTACT: Canadian 88 Energy Corp., Calgary Greg S. Noval, 403/974-8800 403/974-8811 (FAX) |
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