Welcome!

News Feed Item

Antrim Energy Inc. Announces Two Leading Independent Proxy Advisory Firms Recommend Voting in Favour of the Transaction Resolution

Special Meeting of the Shareholders of Antrim to be held on April 4, 2014 to approve the Transaction Resolution

CALGARY, ALBERTA -- (Marketwired) -- 03/20/14 -- Antrim Energy Inc. (TSX: AEN)(AIM: AEY) is a Canadian, Calgary based junior oil and gas exploration and production company with assets in the UK North Sea and Ireland. Antrim is listed on the Toronto Stock Exchange (AEN) and on the London Stock Exchange's Alternative Investment Market (AEY). ("Antrim" or the "Company"), announced today that Institutional Shareholder Services, Inc. ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"), two leading independent proxy advisory firms have both recommended that Antrim shareholders vote FOR the proposed special resolution to approve a sale of Antrim's subsidiary, Antrim Resources (N.I) Limited ("ARNIL") ("The Transaction") at the Special Meeting of Shareholders to take place at 3 p.m (Calgary Time) on April 4th 2014.

ISS summarized its recommendation FOR the Transaction as follows: "The asset sale transaction makes strategic sense as it enables the Company to realize value for some of the assets." and "This sale is designed to enable a full settlement of all liabilities. No distribution is planned and there is no impact on the share price."

Glass Lewis summarized its recommendation FOR the Transaction as follows: "In late August of 2013, the Company formally engaged its financial adviser to begin a broad solicitation process for third parties potentially interested in: (i) providing financing to the Company; and/or (ii) acquiring the Company's equity stake in ARNIL, in whole or in part. In all, six parties were allowed to conduct detailed due diligence on the Company. In late November of 2013, the Company agreed to negotiate exclusively with First Oil Expro Limited ("First Oil") until the end of the year, but the two sides could not reach a definitive agreement within this timeframe. Thereafter, the Company restarted talks with some of the other previously interested parties and received multiple competing offers. However, the Company's board ultimately determined that First Oil had made the best offer, noting that the other offers provided for less consideration to the Company and/or were believed to be subject to greater execution risks. On February 7, 2014, the Company and First Oil entered into the share purchase agreement, with the Company issuing a press release that day announcing the deal.

In our view, the rationale behind the proposed transaction is relatively straightforward. The Company is currently in a financial bind, as the development of the Causeway Field has not gone the way that management and the board had previously hoped. If the proposed transaction is not completed, the board states that the Company's ability to pursue other business opportunities will be severely limited due to the current restrictions imposed by the various debt and hedging agreements. The board also believes that there would be a significant risk that its lender would act on its security arrangements, which would likely leave shareholders with little or no value for their Antrim shares. Conversely, with the proposed sale, the Company will receive a significant infusion of cash that will be used to settle all of its outstanding debt obligations, while still leaving the Company with approximately $17.0 million to $18.0 million for working capital purposes."

And "Based on these factors and the unanimous support of the board, we believe that the proposed transaction is in the best interests of the Company and its shareholders. Accordingly, we recommend that shareholders vote FOR this proposal."

The meeting of the shareholders of Antrim (the "Special Meeting") to consider the proposed Divestiture will be held at Bankers Hall Auditorium, 335 - 8th Avenue S.W., Calgary, Alberta on Friday, April 4, 2014 at 3:00 p.m. (Calgary time). The record date for voting at the Special Meeting is February 21, 2014.

The Board of Directors unanimously recommends voting FOR the Transaction Resolution, and has determined that the Transactions in the best interests of Antrim Shareholders.

Your vote is important regardless of the number of common shares of Antrim you own. Shareholders who have questions or require assistance in voting their proxy may direct their inquiry to Antrim's proxy solicitation agent, CST Phoenix Advisors, toll-free in North America at 1-800-311-0721 or by email at [email protected].

The Company may utilize Broadridge's QuickVote system, which involves non-objecting beneficial owners of Common Shares being contacted by Phoenix, which is soliciting proxies on behalf of management of the Company, to obtain voting instructions over the telephone and relaying them to Broadridge (on behalf of the Shareholder's intermediary). While representatives of Phoenix are soliciting proxies on behalf of management of the Company, which is recommending that Shareholders vote in favour of the transaction resolution, Shareholders are not required to vote in the manner recommended by management. The QuickVote system is intended to assist Shareholders in placing their votes; however, there is no obligation for any Shareholder to vote using the QuickVote system, and Shareholders may vote (or change or revoke their votes) at any other time and in any other applicable manner described in this Information Circular. Any voting instructions provided by a Shareholder will be recorded and such Shareholder will receive a letter from Broadridge (on behalf of the Shareholder's intermediary) as confirmation that his/her/its voting instructions have been accepted.

How to Vote

Due to essence of time, Antrim shareholders are urged to vote today using the methods below.

Registered shareholders

Shareholders who have physical certificates representing Antrim shares, may vote by Mail or Fax.

Mail: Complete, date and sign the enclosed proxy form and mail to:

CST Trust Company
Attn: Proxy Department
P.O. Box 721,
Agincourt, Ontario, M1S 0A1

FAX: Complete, date and sign the enclosed proxy form and return it by fax to 1-416-368-2502.

Non-registered shareholders

Shareholders who hold their shares through a broker or other intermediary may vote via the internet at www.proxyvote.com or following the other instructions found on the voting instruction form.

Internet: Visit www.proxyvote.com and enter your 12 digit control number located on the enclosed voting instruction form.

Telephone:    Canadian - Call 1-800-474-7493
              U.S - Call 1-800-454-8683

And provide your 12 digit control number located on the enclosed voting instruction form.

Fax:      Canadian - Fax your voting instruction form to 1-905-507-7793 or
          toll free to 1-866-623-5305 in order to ensure that your vote is
          received before the deadline.

Mail:     DATA PROCESING CENTRE
          PO BOX - 2800 STN LCD
          MALTON
          Mississauga, ON
          L5T2T7

Cautionary Note and Forward-Looking Statements

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. These forward-looking statements, including financial outlooks, may involve, but are not limited to, comments with respect to the Company's business or financial objectives, its strategies or future actions, its targets, expectations for financial condition or outlook for operations and future contingent payments. Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. The Company considers these assumptions to be reasonable based on information currently available to it, but cautions the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its business.

The forward-looking information set forth herein reflects the Company's expectations as at the date of this press release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Contacts:
Antrim Energy Inc.
Stephen Greer
President & CEO
+ 1 403 264-5111
[email protected]

Antrim Energy Inc.
Anthony Potter
Chief Financial Officer
+ 1 403 264-5111
[email protected]

RFC Ambrian Limited
Sarah Wharry
+44 (0) 20 3440 6800

Buchanan
Tim Thompson/Tom Hufton
+44 (0) 20 7466 5000
[email protected]

Antrim's Proxy Solicitation Agent
CST Phoenix Advisors
1(800) 311-0721 (toll-free)
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...