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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vision 2000 Exploration Com Npv | TSXV:VNN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Vision 2000 Exploration Ltd. ("Vision") (TSX VENTURE:VNN) is pleased to announce that it has entered into a transaction agreement with Yoho Resources Inc. ("Yoho") (TSX VENTURE:YO) pursuant to which Yoho has agreed to make an offer to purchase all of the issued and outstanding common shares of Vision pursuant to a take-over bid. The transaction agreement provides that Yoho will offer all Vision shareholders $0.65 in cash or 0.24 common shares of Yoho per common share of Vision, subject to maximum aggregate cash consideration of $3,000,000 (the "Offer"). The closing price of Yoho common shares as at April 1, 2008 on the TSX Venture Exchange was $2.70. Major Terms and Conditions The Offer is conditional upon Yoho acquiring at least 66 2/3% of the outstanding Vision common shares calculated on a fully diluted basis and is subject to other customary conditions. The transaction agreement provides that each of Vision and Yoho will pay a break fee in certain circumstances if the proposed transaction is not completed. Vision has agreed not to solicit further offers or initiate discussions or negotiations with any third party concerning the sale of Vision, subject to the fiduciary obligation to respond to superior proposals, which Yoho has the right to match. In connection with the Offer, all directors and officers of Vision, representing approximately 39% of the issued and outstanding common shares have entered into support agreements with Yoho pursuant to which they have agreed to tender all of their common shares to the Offer. Other Terms and Conditions The transaction is subject to Canadian regulatory approvals and other customary closing conditions. Full details of the Offer will be included in a formal take-over bid circular and other related documents, which are expected to be mailed to Vision shareholders no later than April 30, 2008. The Offer, unless extended, will expire 35 days from the commencement of the Offer. Completion of the transaction is expected to occur in June 2008. Once mailed, the take-over bid circular and directors' circular will be available on the SEDAR website at www.sedar.com. Fairness Opinion Peters & Co. Limited is acting as financial advisor to Vision with respect to the transaction and has advised the board of directors of Vision that the consideration to be received under the Offer is fair, from a financial point of view, to Vision shareholders. Vision Board Recommendation The Offer has been unanimously approved by the board of directors of Vision at the meeting called to consider the proposed transaction and the board of directors has concluded that the transaction is in the best interests of the Vision shareholders and will recommend that Vision shareholders accept the Offer. Vision Vision is engaged in oil and natural gas exploration, primarily in the Kaybob and Knappen areas of Alberta. Yoho Yoho is a Calgary based junior oil and natural gas company with operations focusing in the northwest Peace River Arch of Alberta and northeast British Columbia. This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, securities in the United States, or any province or territory of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities offered will not be, and have not been, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of that Act.
1 Year Vision 2000 Exploration Com Npv Chart |
1 Month Vision 2000 Exploration Com Npv Chart |
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