Transactions & Cases Detail
Bankers Petroleum Spins off U.S. Assets to form BNK Petroleum Inc.
July 2, 2008
Oil & Gas
131 Million CAD
On July 2, 2008, Bankers Petroleum Ltd. received approval of the British Columbia Supreme Court for its plan of arrangement (the "Arrangement") pursuant to which all of Bankers U.S. operations and assets will be spun out into BNK Petroleum Inc. ("BNK-US"), which is now listed on the TSX Exchange. In addition, all conditions to the Arrangement were either met or waived. As such, the Court's final order was filed with the Registrar of Companies pursuant to the Business Corporations Act (British Columbia). For the purposes of this transaction, the enterprise value of BNK-US as determined to be C$131 million.
The proposed plan of arrangement is expected to provide Bankers shareholders with a number of significant benefits which include a clear mandate for each company to pursue its own business plan and anticipated higher capital markets valuations for these two distinct
McCarthy Tétrault LLP advised Bankers Petroleum with a team led by Rick Pawluck.