Conditions Of Take-Over Bid Of TP Tecnopetrol A.V.V. By Harrington Financial Inc. Satisfied.TORONTO--(BUSINESS WIRE)--June 19, 1997--TecnoPetrol Inc. (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :HARF HARF Halieus Anthropos Research Foundation HARF High Angle Reverse Fault (Earth Science Geomorphology) HARF Heavy Aromatic Residual Fuel .) Harrington Financial Inc. ("Harrington") announced today that all of the terms and conditions of its offer (the "Bid") to acquire all of the issued and outstanding shares and warrants of TP TecnoPetrol A.V.V. ("TecnoPetrol") have been satisfied. The securityholders of TecnoPetrol deposited, in the aggregate, 14,815,000 shares and 2,832,500 warrants of TecnoPetrol pursuant to the Bid, representing all of the issued and outstanding securities of TecnoPetrol. It is the intention of Harrington to take up and pay for all of the deposited securities of TecnoPetrol in accordance with the terms of the Bid. The Bid was approved by the shareholders of Harrington at the annual and special meeting of shareholders of Harrington held on June 9, 1997 (the "Meeting"). At the Meeting, the shareholders of Harrington also approved, among other things, the continuance The adjournment or postponement of an action pending in a court to a later date of the same or another session of the court, granted by a court in response to a motion made by a party to a lawsuit. of Harrington under the laws of Yukon Territory Yukon Territory, territory (2001 pop. 28,674), 207,076 sq mi (536,327 sq km), NW Canada. Geography and Climate The triangle-shaped Yukon territory is bordered on the N by the Beaufort Sea of the Arctic Ocean, on the E by the Northwest Territories, and the change of name of Harrington to "TecnoPetrol Inc.", the consolidation of the issued and outstanding common shares of Harrington on the basis of one post-consolidation common share of TecnoPetrol Inc. for every fifteen pre-consolidation common shares of Harrington and the cancellation of the authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: and unissued Class B preference shares of Harrington (collectively, the "Restructuring"). The Restructuring of Harrington has now been completed. Consistent with the provisions of the Bid and the completion of the Restructuring, management of Harrington has been succeeded by management appointed by TecnoPetrol. The contents of the foregoing press release have neither been approved nor disapproved by any stock exchange or similar regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . CONTACT: Harrington Financial Inc. Peter Volk, 416/955-4554 |
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