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
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
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 and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...