Welcome!

News Feed Item

Arsenal Energy Inc. Announces Results of Shareholders Meeting and Share Dividend Plan

CALGARY, ALBERTA -- (Marketwired) -- 06/19/14 -- Arsenal Energy Inc. ("Arsenal" or the "Corporation") (TSX: AEI) (PNKSHEETS: AEYIF) announces that, at our Annual and Special Meeting of Shareholders held on June 19, 2014 the following six director nominees were elected:

NOMINEE                      VOTES FOR            VOTES WITHHELD
                        Number      Percent     Number      Percent
Mr. Tony van Winkoop   5,599,609     99.97       1,845       0.03
Mr. William Hews       5,598,741     99.95       2,713       0.05
Mr. R. Neil MacKay     5,599,860     99.97       1,594       0.03
Mr. R.H. (Harley)
Kempthorne             5,598,741     99.95       2,713       0.05
Mr. Bill Powers        5,588,397     99.77      13,057       0.23
Mr. Derek Petrie       5,597,117     99.93       4,337       0.07

In addition, shareholders approved the re-appointment of KPMG LLP as auditors for the ensuing year, an amendment to the Articles of the Corporation to permit the payment of share dividends on the Common Shares of the Corporation pursuant to the Share Dividend Plan and a resolution approving the Share Award Incentive Plan of the Corporation.

On behalf of the directors, officers and staff of Arsenal, we would like to thank our shareholders for their continued support.

For more details of the matters considered at the shareholders meeting, shareholders may access the Corporation's Management Information Circular dated May 9, 2014 posted on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com or on the Corporation's website at www.arsenalenergy.com

Share Dividend Plan

As a result of shareholders approval at the meeting, Arsenal expects that the amendment to its Articles and required approvals to implement the Share Divided Plan will be in place by the declaration date of the next quarterly dividend, if such dividend is declared by the Board of Directors. The Share Dividend Plan will allow shareholders to elect to receive dividends in the form of Arsenal common shares instead of receiving a cash dividend. Participation in the Share Dividend Plan is optional and allows Arsenal shareholders to continue to receive cash dividends unless they elect to participate in the Share Dividend Plan.

Benefits of the Share Dividend Plan

- Dividends will be paid in the form of shares to those shareholders who elect to participate in the Share Dividend Plan at the weighted average market price calculated 5 trading days before the payment date and all fees associated with the Share Dividend Plan will be paid by Arsenal.

- Participation in the Share Dividend Plan is not expected to generate dividend income for Canadian shareholders holding their shares in taxable accounts. Shares issued under the Share Dividend Plan will have a nominal cost for Canadian tax purposes and as a result, receipt of share dividends under the Share Dividend Plan will effectively result in a downward adjustment to the shareholder's cost base and would be taxed as a capital gain or loss upon the eventual sale of the shares. In addition, Canadian shareholders participating in the Share Dividend Plan may also benefit if the tax rate on capital gains is lower than the tax rate on dividend income applicable to their individual circumstances.

- Non-Canadian shareholders holding Arsenal shares in a taxable account who elect to participate in the Share Dividend Plan are not expected to be subject to Canadian withholding taxes that typically range from 15% - 25% on dividends paid by Arsenal. Therefore the number of shares received under the Share Dividend Plan will reflect the entire amount of the stock dividend.

- Shareholders can elect to receive share dividends on all or some of their shares.

- Shareholders with tax-deferred accounts are not expected to be impacted.

All shareholders are advised to consult their own tax advisors regarding the tax consequences to them of receiving cash or share dividends. For more details discussing the potential tax consequences of the Share Dividend Plan, please refer to Arsenal's Management Information Circular dated May 9, 2014 filed on SEDAR and available on our website at www.arsenalenergy.com.

How to Enroll in the Share Dividend Plan

Shareholders wishing to participate in the Share Dividend Plan should contact their broker or intermediary or, in the case of registered shareholders, contact our transfer agent, Alliance Trust Company, or visit our website to obtain the necessary enrolment forms.

To receive company news releases via e-mail, please advise [email protected] and specify "Arsenal Press Releases" in the subject line.

Advisory

Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to the payment of future dividends, implementation of the Share Dividend Plan, expected tax treatment of dividends and the Share Dividend Plan. There is no assurance that future dividends will be declared or the timing or amount of any future dividend. The payments of dividends or distributions in the future are within the discretion of the Corporation's Board of Directors and are dependent on numerous factors including the Corporation's cash flow, capital expenditure budgets, earning, financial conditions, the satisfaction of the applicable solvency test in the Corporation's governing statue (the Business Corporation Act (Alberta)), and such other factors as the Board of Directors may consider appropriate from time to time. The Corporation's ability to continue to pay dividends in the future is also subject to many other factors including falling commodity prices, repatriation restrictions, disruptions or reductions in production or collection of receivables following sales of production. Dividend payments to shareholders will be subject to applicable statutory deductions and tax withholdings prescribed by the applicable law. There is also no assurance that future drawdowns of the secured term loan facility will be available to the Corporation when requested or at all.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements may involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things the state of the timely receipt of exchange approvals. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and Arsenal undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contacts:
Tony van Winkoop
President and Chief Executive Officer

J. Paul Lawrence
Vice President, Finance and CFO of the Corporation
(403) 262-4854
(403)-265-6877 (FAX)
e-mail: [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
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"WineSOFT is a software company making proxy server software, which is widely used in the telecommunication industry or the content delivery networks or e-commerce," explained Jonathan Ahn, COO of WineSOFT, 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.
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, 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.
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...