|By Marketwired .||
|May 1, 2014 09:06 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/02/14 -- Bonavista Energy Corporation (TSX:BNP) ("Bonavista") is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.23098 to 1.23596. This increase will be effective on May 15, 2014 (the "Effective Date").
The following are the details of the calculation of the Exchange Ratio:
---------------------------------------------------------------------------- Five day Weighted Average Trading Price of Bonavista common Effective Exchange Record Date Bonavista shares Increase Date of the Ratio as of of Opening Dividend (Prior to in increase in the Bonavista Exchange per common the end of Exchange Exchange Effective Dividend Ratio share the Month) Ratio(1) Ratio Date ---------------------------------------------------------------------------- April 30, May 15, 2014 1.23098 $0.07 $17.29 0.00498 2014 1.23596 ---------------------------------------------------------------------------- 1. The increase in the Exchange Ratio is calculated by multiplying the Bonavista dividend per common share by the Exchange Ratio immediately prior to the Record Date and dividing by the five day weighted average trading price of Bonavista's common shares.
A holder of Bonavista exchangeable shares can exchange all or a portion of their holdings into Bonavista common shares, at any time, by giving notice to their investment advisor or Valiant Trust Company at its principal transfer office in Suite 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1.
Bonavista also announces that all matters presented for approval at the annual meeting of shareholders held today have been fully authorized and approved. A total of 123,411,497 votes, representing 61.23% of total votes entitled to vote at the meeting, were voted in connection with the matters considered at the meeting.
At the meeting, all of the nominees proposed as directors were duly elected as directors of Bonavista with a majority of votes cast by the shareholders present or represented at the meeting as follows:
Name of Nominee Votes For Percent (%) Votes Withheld Percent (%) ----------------------- ------------ ----------- --------------- ----------- Keith A. MacPhail 118,874,268 96.95 3,744,901 3.05 Ian S. Brown 117,420,002 95.76 5,199,167 4.24 Michael M. Kanovsky 121,338,812 98.96 1,280,357 1.04 Sue Lee 114,074,158 93.03 8,545,011 6.97 Margaret A. Mckenzie 114,889,447 93.70 7,729,722 6.30 Ronald J. Poelzer 120,476,827 98.25 2,142,342 1.75 Christopher P. Slubicki 114,792,471 93.62 7,826,698 6.38 Jason E. Skehar 121,311,419 98.93 1,307,750 1.07
In addition, KPMG LLP, Chartered Accountants, were appointed as auditors of the Corporation to hold office until the next annual meeting, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:
Votes For Percent (%) Votes Withheld Percent %) ------------ ----------- --------------- ----------- 123,063,893 99.72 347,604 0.28
Bonavista is a mid-sized energy corporation committed to maintaining its emphasis on operating high quality oil and natural gas properties, providing moderate growth and delivering consistent dividends to its shareholders and ensuring financial strength and sustainability.
Please visit our website at www.bonavistaenergy.com for detailed corporate information.
Bonavista Energy Corporation
Glenn A. Hamilton
Senior Vice President & CFO
Ph: (403) 213-4300
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