News: PEA Pacific Energy Receives Competing Proposal From OPTrust And ICG Consortium

Sept 10 (Reuters) - Pacific Energy Ltd (PEA) :

• COMPETING PROPOSAL FROM OPTRUST AND ICG CONSORTIUM FOR $1.085 PER SHARE IN CASH
• COMPETING PROPOSAL VALUES PACIFIC ENERGY EQUITY AT $470 MILLION AND AN IMPLIED ENTERPRISE VALUE OF $535 MILLION
• PROPOSAL RECEIVED FROM A CONSORTIUM COMPRISING FUNDS MANAGED OR ADVISED BY OPTRUST AND INFRASTRUCTURE CAPITAL GROUP
• DEAL REPRESENTS AN 11.3% PREMIUM TO $0.975 TOTAL CASH VALUE PER SHARE UNDER SCHEME IMPLEMENTATION DEED WITH QIC
• PACIFIC ENERGY BOARD HAS NOTIFIED QIC AND COMMENCED MATCHING RIGHT PROCESS
• ON PROCESS OUTLINED IN QIC SID, FORMAL RECOMMENDATION OF CO'S DIRECTORS DOES NOT CHANGE UNTIL COMPLETION OF MATCHING RIGHT PROCESS
• UNDER COMPETING PROPOSAL PACIFIC ENERGY SHAREHOLDERS WILL RECEIVE A FINAL $0.015 PER SHARE FULLY-FRANKED DIVIDEND
• BOARD CONTINUES TO RECOMMEND QIC SCHEME AS ANNOUNCED ON 24 JULY 2019
• IN ABSENCE OF A SUPERIOR PROPOSAL, HALL HAS CONFIRMED HIS INTENTION TO VOTE SHARES IN FAVOUR OF OPTRUST/ICG CONSORTIUM SCHEME
• CONSIDERS VALUE PROPOSITION OUTLINED IN OPTRUST/ICG CONSORTIUM COMPETING PROPOSAL ENOUGH TO DETERMINE IT IS TARGET SUPERIOR PROPOSAL
• QIC HAS RIGHT TO SUBMIT A MATCHING PROPOSAL FOR PACIFIC ENERGY BOARD TO CONSIDER AT ANY TIME DURING NEXT 4 BUSINESS DAYS