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AOSDF changed to MQXDF:
http://otce.finra.org/DLSymbolNameChanges
AOSDF hits new 52-week high (1/05/17)
MARQUEE ENERGY LTD NEW (AOSDF)
Last Trade [tick] 0.1180[+]
Volume 1,056
Net Change 0.0115
Net Change % 10.8%
52 Week High 0.1180 on 01/05/2017
52 Week Low 0.0620 on 01/22/2016
Day High 0.1180
Day Low 0.1180
Marquee Energy Ltd. Announces $2.5 Million Bought Deal Private Placement Flow-Through Shares (12/14/16)
http://www.marketwired.com/press-release/marquee-energy-ltd-announces-25-million-bought-deal-private-placement-flow-through-shares-tsx-venture-mqx-2183391.htm
AOSDF hits new 52-week high (12/13/16)
MARQUEE ENERGY LTD NEW (AOSDF)
Last Trade [tick] 0.1160[+]
Volume 75,000
Net Change 0.0130
Net Change % 12.62%
52 Week High 0.1160 on 12/13/2016
52 Week Low 0.0620 on 01/22/2016
Day High 0.1160
Day Low 0.1030
AOSDF hits new 52-week high (12/12/16)
MARQUEE ENERGY LTD NEW (AOSDF)
Last Trade [tick] 0.1030 [-]
Volume 132,000
Net Change 0.0080
Net Change % 8.42%
52 Week High 0.1086 on 12/12/2016
52 Week Low 0.0620 on 01/22/2016
Day High 0.1086
Day Low 0.1030
Marquee Energy Ltd. and Alberta Oilsands Inc. Announce Successful Completion of Arrangement (12/06/16)
http://www.marketwired.com/press-release/marquee-energy-ltd-alberta-oilsands-inc-announce-successful-completion-arrangement-tsx-venture-mql-2181172.htm
Alberta Oilsands Inc. changed to Marquee Energy Ltd.:
http://otce.finra.org/DLSymbolNameChanges
Marquee Energy Ltd. and Alberta Oilsands Inc. Announce Receipt of Final Order (11/29/16)
http://www.marketwired.com/press-release/marquee-energy-ltd-and-alberta-oilsands-inc-announce-receipt-of-final-order-tsx-venture-mql-2179447.htm
Calgary boardroom battle ends without appeal to Supreme Court (11/29/16)
By Reid Southwick, Calgary Herald
A Calgary boardroom battle that drew the attention of legal experts from across Canada has ended with a truce, avoiding another expensive round in the courts.
Smoothwater Capital Corp., an activist investor from Toronto, had attempted to disrupt a merger between Calgary oil companies Marquee Energy Ltd. and Alberta Oilsands Inc.
The investor had considered an appeal to the Supreme Court, arguing the case raised important principles of “national importance,” including shareholder rights.
But Smoothwater, which owns a 17 per cent stake in Alberta Oilsands, said Tuesday it wanted to avoid hundreds of thousands of dollars in new legal fees over its $4.2-million investment.
Smoothwater agreed to end its legal fight in exchange for a seat on the new company’s board, among other concessions.
“Litigation is very expensive and very unpredictable,” said Stephen Griggs, Smoothwater’s chief executive. “We’d all spent a lot of money already on litigation and felt it was more sensible to find a business resolution.”
It’s an abrupt ending to what one legal expert from the University of Toronto predicted would become a precedent-setting case that’s “fundamentally important for corporations and shareholders.”
Smoothwater wanted Alberta Oilsands to distribute its cash holdings to shareholders instead of merging with Marquee, which it had called a “distressed” producer.
Faced with this threat, the two companies structured a deal that avoids a vote by Alberta Oilsands shareholders, leaving Smoothwater with limited grounds to stop it.
The activist investor turned to the courts and won the first round in the Court of Queen’s Bench, where Justice Alan Macleod admonished the merging companies for pursuing the deal in “bad faith” to avoid a shareholder vote.
The Alberta Court of Appeal, however, struck down the decision, ruling the deal structured as a so-called plan of arrangement does not require a shareholder vote by both companies.
Legal experts said the appeal court ruling was in line with the long-standing approach to plans of arrangement, which are widely used in corporate restructuring, mergers and property transfers.
Still, Vancouver lawyer Craig Ferris said earlier this month the Supreme Court may have wanted to revisit the law in light of the Alberta Oilsands dispute.
Smoothwater, which secures an 8.5 per cent stake in the new company, concluded it made more sense to focus on developing Marquee’s oil and gas assets in northern Alberta.
“It’s hundreds and hundreds of thousands of dollars in additional costs on all sides to get to a point where you may or may not even have a hearing,” Griggs said.
“We’ve already spent a great deal in expenses and, at some point, you’ve got to say it’s time to move on.”
The merging companies plan to seek final court approval of the plan as soon as possible and close the deal shortly afterward.
http://calgaryherald.com/business/energy/calgary-boardroom-battle-ends-without-appeal-to-supreme-court
Smoothwater continues fight for AOS shareholders and retains Kingsdale Shareholder Services for AGM (11/15/16)
TORONTO, Nov. 15, 2016 /CNW/ - Smoothwater Capital Corporation ("Smoothwater") announced today its intention to continue to work on behalf of all AOS shareholders in connection with the proposed amalgamation between Alberta Oilsands Inc. ("AOS") and Marquee Energy Ltd. ("Marquee").
Further Legal Options
"We and many AOS shareholders were disappointed with the decision of the Alberta Court of Appeal to not require an AOS shareholder vote. We are reviewing our legal options, which include requesting leave to appeal the order of the Alberta Court of Appeal to the Supreme Court of Canada," said Stephen Griggs, CEO of Smoothwater. "We also intend to have our counsel appear at the expected final order application by Marquee and AOS to argue against the approval of their plan of arrangement."
Smoothwater Retains Kingsdale Shareholder Services
Smoothwater has retained Kingsdale Shareholder Services to assist in ensuring Smoothwater's director nominees are elected at the AOS 2016 Annual and Special Meeting scheduled for December 28, 2016.
"Smoothwater has received a large number of calls and emails from AOS shareholders strongly disapproving the conduct of the AOS board. Regardless of the result of the various legal rulings and appeals, Smoothwater will fight vigorously to change the AOS board to have qualified directors who follow prudent governance practices and protect the rights of all shareholders", continued Griggs. "Smoothwater is the largest shareholder of AOS and would be the second largest shareholder of New Marquee. We will fight to ensure that all shareholders are represented on the board of AOS."
"We have retained the top proxy solicitation firm in Canada to assist us in replacing the board of AOS at the next AGM. Shareholders will have their say one way or another and we believe we will have the necessary votes to change the AOS board and protect the investment of all shareholders".
For more information and updates, including a copy of this press release and other documents please visit www.smoothwatercapital.com.
About Smoothwater Capital:
Smoothwater Capital Corporation is a leading Canadian activist investor, focusing on investing in small to midcap Canadian public companies where there is an identifiable path to significantly improve shareholder value. Smoothwater works to effect change in targeted companies, often collaboratively with institutional and other like-minded investors who hold material positions but are not able to take on the time consuming and costly activist role.
http://www.newswire.ca/news-releases/smoothwater-continues-fight-for-aos-shareholders-and-retains-kingsdale-shareholder-services-for-agm-601346515.html
Marquee Energy Ltd. Announces Results of Special Meeting and Provides Update Regarding Appeal of Court Decision (11/14/16)
CALGARY, ALBERTA–(Marketwired – November 14, 2016) – Marquee Energy Ltd. (“Marquee” or the “Company“) (TSX VENTURE: MQL) announces that, at the special meeting (the “Special Meeting“) of Marquee’s shareholders (“Marquee Shareholders“) held today, the Marquee Shareholders passed a special resolution (the “Arrangement Resolution“) approving the plan of arrangement involving Marquee, Alberta Oilsands Inc. (TSX VENTURE: AOS) (“AOS“) and Marquee shareholders (the “Arrangement“) under Section 193 of the Business Corporations Act (Alberta). The Arrangement Resolution received support from approximately 98% of the votes cast at the Special Meeting.
On November 9, 2016, the Court of Appeal of Alberta heard the appeal (the “Appeal“) by Marquee of the order (the “Order“) of the Court of Queen’s Bench of Alberta (the “Court“), as previously disclosed in Marquee’s news releases of September 21, 2016 and October 11, 2016. The Order provides that the application of Marquee to the Court for a final order in connection with the Arrangement shall not be brought to the Court for hearing until AOS has held a shareholders meeting to consider and vote upon the Arrangement on the terms provided in the Order, including the approval of not less than two-thirds of the votes cast by AOS shareholders and the granting of dissent rights to AOS shareholders in connection therewith.
Marquee will provide further updates with respect to the Appeal and the Arrangement following receipt of the decision of the Court of Appeal of Alberta.
ABOUT MARQUEE
Marquee Energy Ltd. is a Calgary based, junior energy company focused on high rate of return light oil development and production. Marquee is committed to growing the company through exploitation of existing opportunities and continued consolidation within its core area at Michichi. The Company’s shares are traded on the TSX Venture Exchange under the trading symbol “MQL” and on the OTC marketplace under the symbol “MQLXF”. A corporate presentation and additional information about Marquee may be found on its website www.marquee-energy.com and in its continuous disclosure documents filed with Canadian securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
http://boereport.com/2016/11/14/marquee-energy-ltd-announces-results-of-special-meeting-and-provides-update-regarding-appeal-of-court-decision/
AOSDF hits new 52-week high (8/22/16)
ALBERTA OILSANDS INC (AOSDF)
Last Trade [tick] 0.0980 [-]
Volume 120,411
Net Change -0.0020
Net Change % -2.0%
52 Week High 0.1023 on 08/22/2016
52 Week Low 0.0510 on 12/07/2015
Day High 0.1023
Day Low 0.0978
BRIEF-Marquee Energy, Alberta Oilsands entered into arrangement agreement (8/19/16)
Aug 19 Marquee Energy Ltd says -
* Marquee Energy, Alberta Oilsands entered into arrangement agreement
* Alberta Oilsands will acquire all of issued and outstanding common shares of Marquee
* Marquee Energy Ltd says on completion of arrangement, Marquee shareholders will own approximately 49% of common shares of New Marquee
* Marquee shareholders will receive, for each marquee share held, 1.67 common shares in capital of Alberta Oilsands
* New Marquee to be led by current management team of Marquee
* Board of directors of New marquee will include an equal number of current directors of Marquee and of Alberta Oilsands, respectively Source text for Eikon: Further company coverage:,
http://www.reuters.com/article/idUSFWN1B00S4
3
Marquee Energy Ltd. and Alberta Oilsands Inc. Announce Strategic Business Combination to Create a Well Capitalized Company With a Focused Oil Asset Base Positioned for Growth (8/19/16)
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Marquee Energy Ltd. ("Marquee") (TSX VENTURE: MQL) and Alberta Oilsands Inc. ("Alberta Oilsands") (TSX VENTURE: AOS) are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement") whereby Alberta Oilsands will acquire all of the issued and outstanding common shares of Marquee (the "Marquee Shares") pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Immediately following the completion of the Arrangement, AOS will amalgamate with Marquee and the amalgamated company will adopt the name "Marquee Energy Ltd." ("New Marquee"). Under the terms of the Arrangement Agreement, holders ("Marquee Shareholders") of common shares in the capital of Marquee ("Marquee Shares") will receive, for each Marquee Share held, 1.67 common shares in the capital of Alberta Oilsands ("Alberta Oilsands Shares"). On completion of the Arrangement, Marquee Shareholders will own approximately 49% of the common shares of New Marquee. New Marquee will be led by the current management team of Marquee and the board of directors of New Marquee will include an equal number of the current directors of Marquee and of Alberta Oilsands, respectively.
The boards of directors of Marquee and Alberta Oilsands have approved the Arrangement and believe the business combination of Marquee and Alberta Oilsands will provide significant benefits to Marquee Shareholders and Alberta Oilsands Shareholders. The Arrangement is expected to create a growth-oriented oil-weighted company with top-tier oil resource and a strong balance sheet which will be uniquely positioned for future value creation. Directors, management and significant shareholders of Marquee (representing approximately 23% of the currently issued and outstanding Marquee Shares) have entered into agreements with Alberta Oilsands pursuant to which they have agreed to, among other things, vote their Marquee Shares in favour of the Arrangement. Directors, management and significant shareholders of Alberta Oilsands, including Bruce Mitchell, the largest shareholder of Alberta Oilsands, have entered into agreements with Marquee pursuant to which they have agreed to, among other things, support the transactions contemplated in the Arrangement Agreement.
STRATEGIC RATIONALE
The combination of Marquee and Alberta Oilsands represents a significant recapitalization opportunity for Marquee Shareholders, and enables shareholders of Marquee and Alberta Oilsands to emerge from a volatile commodity price environment as a well-funded growth vehicle focused on the sustainable development of a top tier oil resource play. In particular, New Marquee will be able to accelerate the development of its highly economic and well defined light oil fairway at Michichi, consisting of 370 million barrels of discovered petroleum initially in place (based on the Sproule Associates Limited contingent resources report as of December 31, 2015, prepared in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument - 51-101), and over 300 identified drilling locations targeting the Detrital/Banff reservoir. Marquee has control of fully established infrastructure and year round drilling access that will enable a low cost structure going forward. In addition to the seismically defined inventory of low risk drilling opportunities, New Marquee will also be positioned to take advantage of low cost workovers and recompletion opportunities, while balancing future capital allocation towards attractive new exploitation plays and waterflood upside.
Upon the completion of the Arrangement, it is expected that New Marquee will have the liquidity to act upon organic and strategic opportunities within its core area which have resulted from the current low commodity price environment. New Marquee will remain focused on maintaining a clean balance sheet and has the ability to adjust its capital program and growth plans based on the prevailing commodity price environment, with a view to maintaining a net debt to cashflow ratio of less than 2.0 to 1.0.
Over the past 24 months, Marquee has drilled and placed on production 18 horizontal wells in the Michichi area of Alberta. Based on the expected well production profiles and cost structure of its recent wells, Marquee estimates a 1.4 year payout for a typical Michichi horizontal well, generating returns in excess of 50%, based on current strip pricing. Michichi wells finding and development costs average approximately $10 per boe, which ranks in the top quartile relative to competing resource plays. Marquee believes that its recent cost reduction efforts, coupled with the industry's deflationary cost environment, will create opportunities for further operating and capital cost reductions through realization of infrastructure and land and development synergies, the application of continually improving drilling and completion techniques, and scalability of drilling programs.
Alberta Oilsands, after adjustment for the expected transaction costs associated with the Arrangement, is anticipated to have $30.5 million of net cash, or approximately $0.14 per basic share. Alberta Oilsands also holds 44,000 acres of bitumen leases in the Athabasca oil sands region of northeast Alberta. Alberta Oilsands expects that the Ministry of Mines and Energy of the Republic of Namibia will approve the full relinquishment of Blocks 2712A and 2812A and with such relinquishment, Alberta Oilsands will no longer have any assets or obligations in Africa.
The following benefits are anticipated to result from the completion of the Arrangement:
•Provides Alberta Oilsands Shareholders with exposure to a dominant land position in the Michichi oil fairway, with 2,600 boe/d of production and sustainable growth opportunities at current commodity prices; and
•Provides Marquee Shareholders with reduced operating leverage, continued exposure to a top tier oil resource play, and the financial flexibility to sustainably develop its resource base and focus on strategic acquisition opportunities within its core Michichi area; and
•New Marquee will be a well-capitalized company with a balance sheet that is in line with the best companies in its peer group; and
•Provides shareholders of Marquee and Alberta Oilsands with exposure to significant upside beyond the current drilling inventory over the longer term in the event of an improvement in commodity prices.
Richard Thompson, Marquee's President and CEO, commented, "We are excited about this transaction and believe it will provide the ability to focus New Marquee's efforts on operational execution and a focused development plan, becoming a top-tier oil-weighted company with a clear path towards repeatable and sustainable growth."
Binh Vu, Interim CEO, commented "Alberta Oilsands views this as a successful outcome to a publically announced strategic review process initiated in December 2014 that will add shareholder value."
KEY ATTRIBUTES OF NEW MARQUEE
New Marquee's pro forma financial profile after giving effect to the Arrangement is currently anticipated to be as follows:
Shares Outstanding Approximately 418.2 million
Current Production(1) 2,600 boe/d (48% oil & NGLS)
Net Debt $16 million pro forma
Drilling Locations(2) 300+ horizontal locations at Michichi
Tax Pools Approximately $220 million
In conjunction with the Arrangement, Marquee expects to execute a winter drilling program of eight horizontal development wells. The capital budget is designed to focus on continued development of New Marquee's interests in Michichi and is intended to take advantage of the current deflationary pressures in capital costs as well as New Marquee's deep inventory of drilling prospects.
Notes:
1.Based on Marquee's average monthly July 2016 field estimates.
2.Based on internally identified locations.
The Marquee management team, led by Richard Thompson, President and Chief Executive Officer, will manage New Marquee. Upon closing of the Arrangement, it is anticipated that the board of directors of New Marquee will include four nominees from Alberta Oilsands and four nominees from Marquee.
ARRANGEMENT
The board of directors of Marquee supports the Arrangement, has determined that the Arrangement is fair to Marquee Shareholders and is in the best interests of Marquee. The board of directors of Marquee has agreed to recommend that Marquee Shareholders vote in favour of the Arrangement at the upcoming meeting of Marquee Shareholders called to consider the Arrangement (the "Marquee Meeting"). Certain Marquee shareholders, including all officers and directors, who collectively hold approximately 23% of the issued and outstanding Marquee Shares, have entered into agreements with Alberta Oilsands pursuant to which they have agreed to, among other things, vote their Marquee Shares in favour of the Arrangement at the Marquee Meeting.
The board of directors of Alberta Oilsands supports the Arrangement, and has determined that the consideration to be paid by Alberta Oilsands to Marquee Shareholders pursuant to the Arrangement is fair, from a financial point of view, to Alberta Oilsands Shareholders. Directors, management and significant shareholders of Alberta Oilsands, including Bruce Mitchell, the largest shareholder of Alberta Oilsands, have entered into agreements with Marquee pursuant to which they have agreed to, among other things, support the transactions contemplated in the Arrangement Agreement.
Under the terms of the Arrangement Agreement, both Marquee and Alberta Oilsands have agreed that they will not solicit or initiate any inquiries or discussions regarding any other business combination or sale of assets, subject to compliance with their fiduciary duties as directors in the event that Marquee or Alberta Oilsands, as applicable, receives an unsolicited superior proposal. Marquee and Alberta Oilsands have each granted the other the right to match any such superior proposal, and have agreed to pay a non-completion fee of $1.5 million to the other in certain circumstances as set forth in the Arrangement Agreement, including upon the acceptance of a superior proposal.
The completion of the Arrangement is subject to receipt of the approval of the Alberta Court of Queen's Bench, the receipt of all necessary regulatory and stock exchange approvals, the receipt of the requisite approval of Marquee Shareholders, and the satisfaction or waiver of certain other closing conditions that are customary for a transaction of this nature. It is anticipated that the Marquee Meeting will be held on September 21, 2016 following the mailing of an information circular (the "Information Circular") to Marquee Shareholders on August 25, 2016 in connection with the Marquee Meeting. Assuming receipt of the requisite approval of the Arrangement by Marquee Shareholders at the Marquee Meeting, the Arrangement is expected to close shortly following the Marquee Meeting.
CREDIT FACILITIES UPDATE
Marquee has a syndicated credit facility with two chartered banks. The credit facility has a borrowing base of $50 million, comprised of a $40 million revolving demand facility and a $10 million operating demand facility. It is anticipated that a review of the credit facility will occur by August 31, 2016. As a result of recent asset sales and the current economic environment, it is expected that the credit facility availability will be decreased, however, Marquee will have ample credit facility liquidity to execute its business plan and will be in full compliance with the credit facility.
LISTING OF MARQUEE SHARES ON OTCQX
Effective the close of market on August 17, 2016, the Marquee Shares were voluntarily delisted from the OTCQX. The Marquee Shares continue to trade on the TSX Venture Exchange under the symbol "MQL".
ADVISORS
GMP Securities L.P. and National Bank Financial Inc. are acting as financial advisors to Marquee in respect of the Arrangement. GMP Securities L.P. has provided the board of directors of Marquee with an opinion that, subject to the various assumptions, qualifications and limitations contained therein, the consideration to be received by Marquee Shareholders pursuant to the Arrangement is fair, from a financial view, to the Marquee Shareholders. Additionally Acumen Capital Finance Partners Limited is acting as a strategic advisor to Marquee.
Tiger Capital Advisors Inc. acted as financial advisor to Alberta Oilsands in respect of the Arrangement. Cormark Securities Inc. has provided the board of directors of Alberta Oilsands with a verbal opinion that, subject to review of final documentation relating to the Arrangement and the assumptions, qualifications and limitations contained therein, the consideration to be paid by AOS to Marquee Shareholders pursuant to the Arrangement is fair, from a financial view, to the AOS Shareholders.
ABOUT MARQUEE
Marquee Energy Ltd. is a Calgary based, junior energy company focused on high rate of return light oil development and production. Marquee is committed to growing the company through exploitation of existing opportunities and continued consolidation within its core area at Michichi. Marquee Shares are traded on the TSX Venture Exchange under the trading symbol "MQL". Additional information about Marquee may be found on its website www.marquee-energy.com and in its continuous disclosure documents filed with Canadian securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
ABOUT ALBERTA OILSANDS
Alberta Oilsands holds bitumen leases in the Athabasca oil sands region of northeast Alberta. The Company's head office is located in Calgary, Alberta, Canada and its common shares are traded on the TSX Venture Exchange under the trading symbol "AOS".
http://www.marketwired.com/press-release/marquee-energy-ltd-alberta-oilsands-inc-announce-strategic-business-combination-create-otcqx-mqlxf-2152177.htm
AOSDF hits new 52-week high (7/18/16)
ALBERTA OILSANDS INC (AOSDF)
Last Trade [tick] 0.1007 [-]
Volume 200
Net Change 0.0137
Net Change % 15.75%
52 Week High 0.1007 on 07/26/2016
52 Week Low 0.0510 on 12/07/2015
Day High 0.1007
Day Low 0.1007
AOSDF hits new 52-week high (7/18/16)
ALBERTA OILSANDS INC (AOSDF)
Last Trade [tick] 0.0991 [-]
Volume 57,140
Net Change 0.0051
Net Change % 5.43%
52 Week High 0.1000 on 07/18/2016
52 Week Low 0.0510 on 12/07/2015
Day High 0.1000
Day Low 0.0984
AOSDF hits new 52-week high (6/09/16)
ALBERTA OILSANDS INC (AOSDF)
Last Trade [tick] 0.0920 [-]
Volume 48,200
Net Change 0.0020
Net Change % 2.22%
52 Week High 0.0993 on 06/09/2016
52 Week Low 0.0510 on 12/07/2015
Day High 0.0993
Day Low 0.0830
Goodwood Inc. Letter to the Board of AOS (5/12/16)
http://www.smoothwatercapital.com/Documents/Alberta%20Oil%20Sands%20Letter.pdf
Smoothwater Requests to Address Board of AOS (5/11/16)
http://www.smoothwatercapital.com/Documents/AOS%20-%20Board%20Letter%20May%2011%202016.pdf
Largest Shareholder of Alberta Oilsands Inc. Supports Smoothwater Capital Dividend Plan For All Shareholders (5/05/16)
FOR IMMEDIATE RELEASE (May 5, 2016) Ottawa, Ontario – Bruce Mitchell (“Mitchell”), the owner of 33,724,200 common shares of Alberta Oilsands Inc. (“AOS”) (representing approximately 15.91% of the issued and outstanding common shares of AOS) today advised the board of AOS in writing that he supports the requests of Smoothwater Capital Corporation (“Smoothwater”) to:
1. Expeditiously distribute all of the cash assets of AOS, net of reasonable reserves, in a tax efficient manner (the “Distribution Plan”);
2. Cease any search for and/or due diligence on a transaction and publicly announce this decision; and
3. Advance the 2016 annual meeting to no later than June 15, 2016.
He also advised the board that, if the board has a transaction that it would like to proceed with in the next few days, it must submit the transaction to major shareholders for approval and not proceed unilaterally.
Mr. Mitchell also stated that the board should recognize that the vast majority of shareholders support Smoothwater and its Distribution Plan and that further delays or defensive tactics by the board will simply deplete cash resources - which is the company’s only material asset.
Mr. Mitchell urges the board of AOS to immediately meet with Smoothwater to agree and execute on the above objectives.
For a copy of the full letter, please visit www.smoothwatercapital.com.
For further information, please contact:
Bruce Mitchell 342 River Road Ottawa Ontario K1V1H2 bmitchelle@rogers.com (613) 523-1114
http://www.fscwire.com/sites/default/files/news_release_pdf/BruceMitchell05052016.pdf
Smoothwater Capital Acquires Additional Shares of Alberta Oilsands Inc and Urges the Board to Take Immediate Action in the Interests of Shareholders (4/28/16)
http://www.smoothwatercapital.com/Documents/AOS%20Press%20Release%20Smoothwater%20April%2028%202016%20FINAL.pdf
Smoothwater Letter to the Board of Directors of AOS (4/28/16)
http://www.smoothwatercapital.com/Documents/AOS%20-%20Board%20Letter%20April%2028%202016.pdf
Smoothwater/Alberta Oilsands Inc. webpage:
http://www.smoothwatercapital.com/Pages/AOS.aspx
Alberta Oilsands Inc. Provides Corporate Update (3/22/16)
http://fscwire.com/sites/default/files/news_release_pdf/Albertaoilsands03222016.pdf
Smoothwater Capital acquires over 10% of the common shares in Alberta Oilsands Inc. and requests dividend plan for all shareholders (3/21/16)
TORONTO, Mar 20, 2016 (Canada NewsWire via COMTEX) -- Smoothwater Capital Corporation ("Smoothwater") announced today that it acquired on March 18, 2016, through the facilities of the TSX Venture Exchange, ownership of 2,491,999 common shares of Alberta Oilsands Inc. ("AOS") (representing approximately 1.18% of the issued and outstanding common shares of AOS) at an average price of $0.129 per share. After giving effect to this purchase, Smoothwater now owns an aggregate of 22,529,399 common shares of AOS, representing approximately 10.63% of the issued and outstanding common shares of AOS.
Walied Soliman ("Soliman"), a private investor, may be considered to be acting jointly or in concert (within the meaning of applicable Canadian securities legislation) with Smoothwater in respect of AOS common shares. Soliman currently owns and/or exercises control over 4,014,000 common shares of AOS, representing approximately 1.89% of the outstanding common shares of AOS.
Smoothwater and Soliman together currently own and/or exercise control over 26,543,399 common shares of AOS, representing approximately 12.52% of the issued and outstanding common shares of AOS.
On February 17, 2016, Smoothwater sent a letter to the board of directors of AOS (the "February Letter"), which is available at www.smoothwatercapital.com. In the February Letter, Smoothwater stated, among other things, that:
-- The board should develop a strategy to tax-effectively distribute to shareholders all AOS cash assets (net of reasonable reserves) estimated to be approximately $32 million and to dispose of its other assets as soon as possible (the "Dividend Plan"), being approximately $0.15 per share.
-- Any prospective transaction to use all or substantially all of the assets of AOS (being primarily the cash on its balance sheet) is by law subject to a shareholder vote as soon as possible and cannot be undertaken unilaterally by the board.
-- The board should publicly advise shareholders no later than April 15, 2016 on whether it has or has not identified a transaction for shareholder approval, which is approximately one year after receipt of the proceeds for the AOS cancelled oil sands leases from the Province of Alberta.
-- If no transaction is identified by the board by April 15, 2016 or, if identified, not subsequently approved by shareholders, the Dividend Plan should be implemented.
-- The board of AOS should immediately appoint Stephen J. Griggs, CEO of Smoothwater, to the board of AOS and to the Transaction Committee of the Board.
Smoothwater and AOS have initiated constructive discussions in respect of the matters set out in the February Letter, which Smoothwater intends to continue. Smoothwater has also requested that the board hold the 2016 annual shareholder meeting no later than May 30, 2016, which Smoothwater considers consistent with customary annual meeting timeframes generally followed by public companies in Canada.
Each of Smoothwater and Soliman acquired common shares of AOS for investment purposes and may, from time to time, on an individual or joint basis, acquire additional securities of AOS, dispose of some or all of the existing or additional securities it, he or they holds or will hold, or may continue to hold its, his or their current position. If the objectives for AOS set out by Smoothwater in the February Letter are not achieved within a reasonable timeframe, Smoothwater and/or Soliman may, from time to time, on an individual or joint basis, take such actions as it, he and/or they considers necessary or desirable to pursue such objectives, subject to applicable law.
Smoothwater has retained Goodmans LLP as its legal adviser.
For more information and updates, including a copy of this press release, the related early warning report and the February Letter please visit www.smoothwatercapital.com.
This news release is issued pursuant to the early warning requirements of applicable Canadian securities laws. Smoothwater will file early warning reports in accordance with applicable securities laws, copies of which will be available on SEDAR at www.sedar.com or upon request to Smoothwater.
About Smoothwater Capital:
Smoothwater Capital Corporation is a leading Canadian activist investor, focusing on investing in small to midcap Canadian public companies where there is an identifiable path to significantly improve shareholder value. Smoothwater works to effect change in targeted companies, often collaboratively with institutional and other like-minded investors who hold material positions but are not able to take on the time consuming and costly activist role.
http://www.marketwatch.com/story/smoothwater-capital-acquires-over-10-of-the-common-shares-in-alberta-oilsands-inc-and-requests-dividend-plan-for-all-shareholders-2016-03-21
Alberta Oilsands Inc. Appoints New Interim Chief Financial Officer (2/04/16)
http://www.fscwire.com/sites/default/files/news_release_pdf/albertaoil02042016.pdf
Alberta Oilsands Inc. Provides Corporate Update (12/22/15)
http://www.aboilsands.ca/_pdfs/News/2015/Press%20Release%20-%20Strategic%20Review%20Update%20-%20December%2022%202015.pdf
$AOSDF recent news/filings
bullish 0.095
$AOSDF charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$AOSDF company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/AOSDF/company-info
Ticker: $AOSDF
$AOSDF extra dd links
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=AOSDF+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=AOSDF+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=AOSDF+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/AOSDF/news - http://finance.yahoo.com/q/h?s=AOSDF+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/AOSDF/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/AOSDF/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=AOSDF+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/AOSDF
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/AOSDF
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/sec-filings
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/AOSDF/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/AOSDF/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=AOSDF&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=AOSDF
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/AOSDF/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=AOSDF+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=AOSDF+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=AOSDF
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=AOSDF
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=AOSDF+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/AOSDF/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=AOSDF+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/AOSDF.AOSDF
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=AOSDF
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/AOSDF/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/AOSDF/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/AOSDF
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/AOSDF
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/AOSDF:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=AOSDF
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=AOSDF
It appears so.
I guess I will have to buy more then since it appears to be on sale.
Not after tomorrow.
Only 4,000 shares traded once trading resumed.
Not a bad start. Think it'll continue to trade below net cash?
Alberta Oilsands Inc. Announces Receipt of $35 Million in Compensation from Alberta Energy (5/26/15)
Calgary, Alberta (FSCwire) - Alberta Oilsands Inc. (“AOS” or the “Company”) (TSXV:AOS) reported that Alberta Energy had completed its review of the Company’s application under the Mineral Rights Compensation Regulation (MRCR) for compensation relating to the proposed cancellation of the Company’s oil sands leases located within the Fort McMurray Urban Development Sub-Region (UDSR) and that Alberta Energy determined the total compensation payable to AOS to be an aggregate of approximately $34 million, inclusive of applicable interest.
Subsequent to being advised of Alberta Energy’s determination of the Company’s compensation claim, AOS reviewed Alberta Energy’s determination of the compensation amount with its legal advisors to determine the appropriate next steps to bring this matter to a conclusion. The review consisted of an analysis of remedies available under the MRCR; appeal options outside of the MRCR framework; and the amount of resources and timing required to pursue each option. Based on subsequent discussions with Alberta Energy, AOS has determined that receiving the current compensation amount is in the best interest of the Company at this time.
As a result, the Company announces that as of the date hereof, it is in receipt of $35,087,246, inclusive of applicable interest, as compensation for the cancellation of the said oil sands leases. The increase in total compensation amount from the initial amount announced on March 20, 2015 is a result of additional accrued interest since that date. A right of first refusal has also been granted to the Company for a period of 20 years on the cancelled areas.
As a result of the full or partial cancellation of the oil sands agreements under the UDSR, the Company now retains oil sands leases in the Clearwater area covering an aggregate of approximately 6,546 acres. The Company does not currently have any exploration or development plans for the remaining leased areas at Clearwater. AOS will continue to review its options to increase the compensation amount, however, there is no assurance that the continuing review of the Company’s remedy options in this matter will result in the Company pursuing any additional action or that any action, if taken, will be successful.
Strategic Review Process
As previously announced, in anticipation of receiving the compensation funds from Alberta Energy, the Board initiated a process to identify, examine and consider a range of strategic alternatives available to the Company and engaged AltaCorp Capital Inc. (“AltaCorp Capital”) to assist the Company with this process. As the Company is now able to confirm receipt of the $35 million compensation amount, AltaCorp Capital will make available to qualified parties, upon execution of a standard non-disclosure agreement, access to proprietary technical, financial, legal and other information. The strategic review process is ongoing at this time. Parties interested in investigating possible opportunities with AOS may contact AltaCorp Capital directly by telephone at (403) 539-8600 or by emailing AOSstrategic@altacorpcapital.com.
There can be no assurance that any agreement or transaction will occur, or if a transaction is undertaken, as to its terms or timing. The Company has not set a definitive schedule to complete its evaluation and no decision on any particular alternative has been reached at this time. Management and Board are committed to acting in the best interests of the Company and its shareholders, and believe that now that the Company is in receipt of the compensation funds, it is in a better position to identify the best option for the Company going forward and enhance value for shareholders.
The Company does not intend to make further announcements or disclose developments with respect to this process unless the evaluation has been completed and the Board has approved a definitive transaction and the Company has entered into a definitive agreement, or unless otherwise required by law or regulation or disclosure of which is deemed appropriate.
About Alberta Oilsands Inc.
Alberta Oilsands Inc. is engaged in the exploration and development of drill-defined domestic assets, and owns a portfolio of international assets. AOS holds bitumen leases in the Athabasca oil sands region of northeast Alberta. In addition, the Company's Africa portfolio is focused on active and known onshore and offshore basins on the East Africa Rift System and offshore Africa. The Company's head office is located in Calgary, Alberta, Canada and its common shares are traded on the TSX Venture Exchange under the trading symbol AOS.
For further information please contact:
Binh Vu
Interim CEO & President
+1 416 951 8800
bvu@aboilsands.ca
http://fscwire.com/newsrelease/alberta-oilsands-inc-announces-receipt-35-million-compensation-alberta-energy
IIROC Trading Resumption - AOS (5/25/15)
VANCOUVER, May 26, 2015 /CNW/ - Trading resumes in:
Company: ALBERTA OIL SANDS INC
TSX-Venture Symbol: AOS
Resumption (ET): 15:30
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions
For further information: IIROC Inquiries 1-877-442-4322 (Option 2) - Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
http://www.newswire.ca/en/story/1203569/iiroc-trading-resumption-aos
IIROC Trading Halt - AOS (5/26/15)
VANCOUVER, May 26, 2015 /CNW/ - The following issues have been halted by IIROC:
Company: Alberta Oil Sands Inc.
TSX-Venture Symbol: AOS
Reason: At the Request of the Company Pending News
Halt Time (ET): 2:09 PM
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions
http://www.prnewswire.com/news-releases/iiroc-trading-halt---aos-505045831.html
Latest 10 SEDI filings (by transaction date):
https://canadianinsider.com/node/7?menu_tickersearch=aos
Insider Buying: Alberta Oilsands insider Bruce Mitchell Purchases 329,500 Shares of Stock (4/30/15)
Alberta Oilsands (TSE:AOS) insider Bruce Mitchell acquired 329,500 shares of Alberta Oilsands stock in a transaction dated Wednesday, April 29th. The shares were purchased at an average price of C$0.11 per share, with a total value of C$36,245.00.
Bruce Mitchell also recently made the following trade(s):
- On Tuesday, April 28th, Bruce Mitchell purchased 107,500 shares of Alberta Oilsands stock. The stock was purchased at an average cost of C$0.11 per share, with a total value of C$11,825.00.
- On Friday, April 24th, Bruce Mitchell purchased 250,000 shares of Alberta Oilsands stock. The stock was purchased at an average cost of C$0.11 per share, with a total value of C$27,500.00.
- On Monday, April 27th, Bruce Mitchell purchased 58,000 shares of Alberta Oilsands stock. The stock was purchased at an average cost of C$0.11 per share, with a total value of C$6,380.00.
Alberta Oilsands Inc is an exploration and development company. The Company is engaged in the exploration and development of drill-defined domestic assets, and owns a portfolio of international assets. The Company holds 106 bitumen leases in the Athabasca oil sands region of northeast Alberta, primarily its Clearwater and Grand Rapids projects.
http://www.mideasttime.com/insider-buying-alberta-oilsands-insider-bruce-mitchell-purchases-329500-shares-of-stock-aos/424500/
Alberta Energy determined total compensation including interest is $34 million.
Claim now represents about C$.159 per share.
Alberta Oilsands Inc. Announces Results of the Review of its Compensation Claim Relating to the Clearwater Leases to be Cancelled (3/20/15)
http://fscwire.com/sites/default/files/news_release_pdf/AlbertaOilsandsMar202015.pdf
Alberta Oilsands Inc. Completes its Abandonment Program at Clearwater (2/13/15)
http://www.fscwire.com/newsrelease/alberta-oilsands-inc-completes-its-abandonment-program-clearwater
Alberta Oilsands Update (2/06/15)
http://seekingalpha.com/article/2892386-alberta-oilsands-update
Chris DeMuth, Jr. Positions For 2015: Banking M&A, Milestone Payments, Litigation Results (12/22/14)
http://seekingalpha.com/article/2773105-chris-demuth-jr-positions-for-2015-banking-m-and-a-milestone-payments-litigation-results
Alberta Oilsands Inc. announces that the board of directors of AOS has commenced a process of identifying and evaluating strategic alternatives aimed at enhancing shareholder value (12/12/14)
The Press Release was deemed "Not for dissemination in the U.S.A."
Source: SEDAR
http://www.sedar.com/FindCompanyDocuments.do
Claim represents about C$.264 per share.
AOSDF had 212,014,749 shares outstanding and 214,016,673 shares on a diluted basis at 9/30/14.
Lower Athabasca Regional Plan (LARP)
On August 22, 2012, the Government of Alberta approved the Lower Athabasca Regional Plan (“LARP”). The LARP identifies and sets resource and environmental management outcomes for air, land, water and biodiversity, and will guide future resource decisions while considering social and economic impacts.
In March 2013, the Company received notice from Alberta Energy that six (6) parts of the Company’s Clearwater leases located in the Gipsy-Gordon Wildland Park Conservation Area, comprising of 1,200 hectares, will be cancelled under LARP. These lands are not in proximity to the Clearwater Phase 1 project area and outside future development areas so the cancellations had no significant impact on the development plan or ERCB application process. The portions of the leases to be cancelled are all in areas that AOS has previously deemed sterilized due to proximity to outcrops and water ways. In April 2014, the Company received $1.4 million in compensation with respect to the cancelled leases under LARP.
MD&A 11/27/14
Source: SEDAR
http://www.sedar.com/FindCompanyDocuments.do
Material Change Report (11/28/13)
On November 28, 2013, the Company announced that had submitted a compensation claim in the amount of approximately $56m to the Government of Alberta for the cancellation of the Company’s leases located in the Fort McMurray Urban Development Sub-Region.
Source: SEDAR
http://www.sedar.com/FindCompanyDocuments.do
Fort McMurray Urban Development Sub-Region (UDSR)
http://www.energy.alberta.ca/graphics/FortMacUDSR_20130722.pdf
Alberta may cancel leases of some oil sand companies (7/26/13)
Alberta just made 10 oil sands companies victims of their own industry's success.
Production has been growing so rapidly that Fort McMurray, the oil sands boom town located in the heart of northern Alberta's bitumen reserves, is starting to burst at the seams. About 75,000 people live there today, but by the time Britain's youngest prince graduates from high school (around 2030, assuming ole' George isn't held back) that figure is expected to more than double to 160,000.
The government responded Thursday by sectioning off 55,000 acres that surround what is currently Fort McMurray (more than double the city's current landmass) as an Urban Development Sub Region (UDSR) earmarked for future development. Over the next 20 years, the Regional Municipality of Wood Buffalo will gradually buy the land from the province.
The trouble is, Alberta has already leased out that land in 32 pieces to 10 companies looking to develop oil sands projects. Those leases "will be cancelled, effectively immediately," Ken Hughes, Alberta's Energy Minister, told reporters on Thursday evening. Officials declined to immediately identify the companies being stripped of their leaseholder status, but a combination of government and industry sources have confirmed to BNN that the list provided below is accurate.
Only the first two - Value Creation Inc. and Alberta Oil Sands Inc. - have developed their holdings to any material extent (Alberta Oil Sands is in the process of building out a project called 'Clearwater' underneath the Fort McMurray airport). The rest have been more or less just sitting on the land and the government has pledged to pay out all 10 lease losers, which they are legally obligated to do under Alberta's Mineral Rights Compensation Regulation and Public Lands Act, though not all of them may yet know what they've lost.
"Government staff are meeting with energy industry representatives in Calgary today and tomorrow to walk them through this plan," Hughes said.
"They were aware they had leases that could be part of the UDSR. We expect they will be supportive."
LIST OF BROKEN LEASEES
1. Value Creation Inc.
2. Alberta Oil Sands Inc.
3. Cenovus Energy Inc.
4. Cavalier Land Ltd.
5. E-T Energy Ltd.
6. Grizzly Oil Sands ULC
7. Koch Oil Sands Operating ULC
8. Laricina Energy Ltd.
9. Scott Land and Lease Ltd.
10. Suncor Energy Inc.
http://www.bnn.ca/Blogs/2013/7/26/Alberta-may-cancel-leases-of-some-oil-sand-companies-.aspx
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