Angle Energy 5.75% convertible holders to get 104 if they OK merger

By Angela McDaniels

Tacoma, Wash., Oct. 15 - The holders of Angle Energy Inc.'s 5.75% convertible subordinated debentures due Jan. 31, 2016 will receive 104% of par if they approve the acquisition of the company by Bellatrix Exploration Ltd., according to a company news release.

If the convertible holders do not approve the acquisition, the convertibles will remain outstanding, and Angle will have to offer to buy them back at par.

Bellatrix will pay C$3.85 per share for Angle, which is a 20% premium to the Oct. 11 closing share price. The conversion price of the debentures is C$12.55.

The acquisition is subject to approval by Angle shareholders. It is not conditional on the approval of the convertible holders.

Angle and Bellatrix are oil and gas exploration and development companies based in Calgary, Alta.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.