Daylight Resources Trust Announces Acquisition of Athlone Energy.
International Resource News-14 July 2008-Daylight Resources Trust Announces Acquisition of Athlone Energy(C)2008 ENPublishing - http://www.enpublishing.co.uk
International Resource News - 14 July 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Daylight Resources Trust (TSX: DAY.UN), a Canada-based income trust that acquires and develops natural gas properties, has entered into an agreement with Athlone Energy Ltd (Athlone) (TSX V: ATH) for the acquisition of Athlone by the trust.
The trust will acquire all the issued and outstanding shares of Athlone by a plan of arrangement, for a price of CDD0.85 per Athlone share. The cash consideration represents a 12% premium to a 20-day weighted average trading price of Athlone on the TSX Venture Exchange for the period ended July 10, 2008. Total consideration for the transaction is around CDD32.8m, which includes a debt of CDD2.6m.
The company president and chief executive officer, Anthony Lambert, said, 'This is another synergistic and strategic acquisition consistent with Daylight's strategy of adding to our core development areas and maintaining a balance in the Trust between low risk oil and natural gas opportunities.'
[Editorial queries for this story should be sent to firstname.lastname@example.org]
((Distributed via M2 Communications Ltd - http://www.m2.com))