POEFF/POE.V..Pan Orient Energy Corp.- $0.75 Per Share Special Distribution Approved
CALGARY, ALBERTA, Aug 21, 2012 (MARKETWIRE via COMTEX) -- Pan Orient Energy
Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE: POE) is pleased to
announce that it received shareholder approval for its previously announced
capital reorganization and that the effective date for the reorganization and
the record and payment dates for the resulting $0.75 per common share special
distribution to shareholders have now been set.
The distribution will be a return of capital as part of a capital
reorganization, and is expected to be generally more tax advantageous to
shareholders than a dividend. Shareholder approval was obtained at a meeting on
August 20, 2012, with over 99.9% of votes cast being in favour of the required
special resolution. Pan Orient's directors resolved at a meeting today to
implement the reorganization effective September 6, 2012 and set the record date
for the resulting $0.75 per common share special distribution to shareholders as
August 30, 2012 and the payment date as September 6, 2012. Pan Orient expects
that its common shares will commence trading "ex-distribution" on August 28,
2012.
The aggregate amount of the distribution will be approximately $42.5 million,
will occur in the course of a reorganization of Pan Orient's business after the
recently completed sale of a portion of its Thailand assets and be funded from
the net proceeds of that sale. The remaining net proceeds, plus ongoing cash
flow from Concession L53 in Thailand, are expected to be sufficient to fund the
needs of Pan Orient's continuing business operations for the remainder of 2012
and through 2013.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production
company with operations currently located onshore Thailand, Indonesia and in
Western Canada.
This press release contains forward-looking information. Forward-looking
information is generally identifiable by the terminology used, such as "plan",
"intend", "expect", "believe", "estimate", "should", "anticipate" and
"potential" or other similar wording. Forward-looking information in this press
release includes, but is not limited to, tax consequences; record, payment and
ex-distribution dates for the special distribution; cash resources; and
anticipated expenditures. By its very nature, the forward-looking information
contained in this press release requires Pan Orient and its management to make
assumptions that may not materialize or that may not be accurate. In addition,
the forward-looking information contained in this press release is subject to
known and unknown risks and uncertainties and other factors, some of which are
beyond the control of Pan Orient, which could cause actual results,
expectations, achievements or performance to differ materially. Although Pan
Orient believes that the expectations reflected in its forward-looking
information are reasonable, it can give no assurances that those expectations
will prove to be correct. Pan Orient undertakes no obligation to update publicly
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable
securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Contacts:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO
(403) 294-1770
Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
