It looks like it has a little more umph...I guess it depends on the market today. The shareholders vote tomorrow on the merger. Now I'm waiting for V to tell me I'm reading the chart upside down.
While we're at it BRK...what are you're thoughts on BEAS today?
Encal Energy Ltd. and Calpine CorporationAnnounce Share Exchange Ratio For Merger
CALGARY, Alberta and SAN JOSE, Calif., Apr 16, 2001 /PRNewswire via COMTEX/ -- Encal Energy Ltd. (NYSE: ECA chart, msgs; Toronto: ENL chart, msgs) ("Encal") and Calpine Corporation (NYSE: CPN chart, msgs) announced today that the share exchange ratio for the companies' proposed merger has been calculated as 0.1493 exchangeable shares of Calpine Canada Holdings Ltd. for each existing Encal common share. This exchange ratio is based on the weighted average trading price of Calpine common stock for the measurement period of ten consecutive trading days ending on the third trading day before the Encal special meeting scheduled for April 18, 2001 and the average currency exchange rate from U.S. dollars to Canadian dollars for such ten day period. Based on the Encal special meeting scheduled for April 18, 2001, the measurement period ended April 12, 2001. The weighted average trading price of Calpine common stock was US$51.2635 and the average currency exchange rate was C$1.5683 for each U.S. dollar for this measurement period. In total, Calpine expects to issue approximately 16.6 million shares in connection with the merger.
The exchangeable shares will be traded on The Toronto Stock Exchange. The shares will be exchangeable, at each shareholder's option, into shares of Calpine common stock on a one-for-one basis. The exchangeable shares will have economic and voting rights equivalent to shares of Calpine common stock.
The merger of Encal and Calpine was announced on February 8, 2001. The merger is subject to the approval of the shareholders and optionholders of Encal, approval by the Court of Queen's Bench of Alberta as well as the fulfillment of certain other terms and conditions, including regulatory approvals. The Encal special meeting of shareholders and optionholders to vote upon the merger is scheduled for April 18, 2001 and the closing of the transaction is scheduled for April 19, 2001.
Encal Energy Ltd. is a Calgary-based public oil and gas company with core operations in northeastern British Columbia and west central Alberta. Encal focuses on growth through drilling, primarily directed toward natural gas targets. For more information about Encal, visit our website at www.encal.com.
Upon completion of the transaction, Calpine will gain approximately 1.0 trillion cubic feet equivalent of proved and probable natural gas reserves, net of royalties. The transaction also provides access to firm natural gas transportation capacity from western Canada to California and the eastern United States, and an accomplished management team capable, together with Calpine's existing management team, of leading Calpine's business expansion in Canada.
The transaction will increase Calpine's net production to approximately 390 million cubic feet natural gas equivalent per day in North America. Daily natural gas production under the combined companies' control will be sufficient to fuel approximately 2,300 megawatts of generation. Upon completion of the transaction, Calpine's proved and probable reserves will be approximately 1.7 trillion cubic feet of natural gas equivalent, net of royalties.
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