Toronto and Vancouver-listed Total Erickson Resources has entered into an agreement with John G. McDonald to acquire his controlling interest in Canadian Oil and Gas Funds (COGF), which holds the majority of the voting shares of Toronto-listed Ranchmen Resources of Calgary.
Total Erickson has also offered to purchase the remaining COGF voting and non-voting shares as well as the class C voting shares of Ranchmen’s not held by COGF.
The Ranchmen’s class C voting shares are not listed or traded on any stock exchange. The holders of those 3,507 class C shares not held by COGF will be offered a price of $9.75 per share.
As part of the transaction and subsequent to closing, a meeting of the shareholders of Ranchmen’s will be called for the purpose of voting on a special resolution to consolidate all classes of ordinary shares into one class of common voting shares on the basis of one voting share for one class A non- voting share held.
This agreement is subject to regulatory and boards of directors approval.
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