Daylight series D convertibles holders approve acquisition by Sinopec

By Jennifer Chiou

New York, Dec. 15 - Daylight Energy Ltd. announced that holders of its 6.25% series D convertible debentures have agreed to pass the special resolution for the company's proposed acquisition by Sinopec International Petroleum Exploration and Production Corp.

According to a news release, holders of 74.29% of the debentures voted in favor of the arrangement, and holders of 0.86% voted against the measure.

Shareholders previously approved the proposed acquisition on Dec. 5.

Under the transaction, holders of the convertibles will receive a cash payment of $1,110 per $1,000 principal amount of debentures, plus accrued interest up to the closing date.

Daylight also said that it was granted approval from the Court of Queen's Bench of Alberta.

Closing remains subject to required regulatory approvals.

Daylight Energy is an oil and natural gas company based in Calgary, Alta.

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