Daylight series D convertibles acquired in Sinopec transaction; series C debentures called

By Jennifer Chiou

New York, Dec. 23 - Daylight Energy Ltd. announced that Sinopec International Petroleum Exploration and Production Corp. indirectly acquired all of Daylight's common stock as well as its 6.25% series D convertible debentures.

According to a news release, shareholders received $10.08 per share, and the purchase price for the convertibles was $1,110 per $1,000 principal amount of debentures plus accrued interest.

Daylight has been amalgamated with an indirect wholly owned subsidiary of Sinopec, which will carry on business under Sinopec Daylight Energy Ltd.

Further, Sinopec Daylight announced that it will redeem all of Daylight's outstanding 10% series C convertible debentures at $1,050 per $1,000 principal amount on Jan. 23. Holders will also receive accrued interest.

As already noted, holders of 74.29% of the series D debentures voted in favor of the Sinopec arrangement, and holders of 0.86% voted against the measure at a meeting on Dec. 15.

Shareholders previously approved the proposed acquisition on Dec. 5.

As reported on Dec. 5, the company failed to receive holder approval to convert the series C securities. As a result, Sinopec had to offer to buy the convertibles at 101% of par plus accrued interest within 30 days of the effective date of the acquisition.

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

The oil and natural gas company is based in Calgary, Alta.

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