Dundee Energy Limited Announces Initiation of Strategic Review Process for Dundee Energy Limited Partnership
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 01/10/17 -- Dundee Energy Limited (the "Corporation" or " Dundee Energy") (TSX: DEN) today announced that its board of directors has determined to initiate a process to identify, examine and consider a range of strategic alternatives available with respect to enhancing the value of its investment in Dundee Energy Limited Partnership ("DELP").
Strategic alternatives may include, but are not limited to, a debt restructuring, a sale of all or a material portion of the assets of DELP, either in one transaction or in a series of transactions, the outright sale of DELP, or business combination or other transaction involving DELP and a third party, and/or alternative financing initiatives.
Dundee Energy has engaged Dundee Capital Partners, an unrelated entity, and CW Leigh Cassidy of Whitewater Inc. as its financial advisors to advise the Corporation in connection with this comprehensive review and analysis of strategic alternatives in connection with the process.
Dundee Energy has not set a definitive schedule to complete its identification, examination and consideration of strategic alternatives with respect to DELP. Given the nature of the process, the Corporation does not intend to provide updates until such time as the board of directors approves a definitive transaction or strategic alternative, or otherwise determines that further disclosure is advisable. Dundee Energy cautions that there are no guarantees that the review of strategic alternatives will result in a transaction, or if a transaction is undertaken, as to its terms or timing. The strategic alternatives review process has not been initiated as a result of receiving any transaction proposal.
As previously disclosed, DELP and its lenders have been in ongoing discussions regarding the reduction of DELP''s borrowings. As a result of these discussions, the terms of DELP''s credit facility have been amended to require that DELP reduce borrowings under its operating facilities to $55.0 million by January 13, 2017. This represents a reduction of approximately $3.0 million in borrowings under DELP''s operating facilities as at December 31, 2016.
ABOUT DUNDEE ENERGY
Dundee Energy Limited is a Canadian-based oil and natural gas company with a mandate to create long-term value for its shareholders through the exploration, development, production and marketing of oil and natural gas, and through other high impact energy projects. Dundee Energy holds interests, both directly and indirectly, in the largest accumulation of producing oil and gas assets in Ontario and, through a preferred share investment, in certain exploration and evaluation programs for oil and natural gas offshore Tunisia. The Corporation''s common shares trade on the Toronto Stock Exchange under the symbol "DEN".
DISCLAIMER
This press release contains forward-looking statements including the assessment of future plans regarding the strategic alternative review process. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and may include words such as "expects", "anticipates", "intends", or similar expressions. Readers are cautioned that such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Dundee Energy and/or DELP could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offering, solicitation or sale would be unlawful.
FOR REQUESTS IN RELATION TO THE STRATEGIC ALTERNATIVES PROCESS:
Please contact Dundee Capital Partners at or 403.268.7428
Contacts:
Bruce Sherley
President & CEO
Dundee Energy Limited
(403) 651-4581
John Vincic
Investor and Media Relations
(647) 402-6375
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 10.01.2017 - 19:07 Uhr
Sprache: Deutsch
News-ID 1479628
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
TORONTO, ONTARIO
Phone:
Kategorie:
Oil & Gas
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 393 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Dundee Energy Limited Announces Initiation of Strategic Review Process for Dundee Energy Limited Partnership
"
steht unter der journalistisch-redaktionellen Verantwortung von
Dundee Energy Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
