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News Breaks
April 11, 2014
12:38 EDTEQUMontclair Energy seeks leveraged recapitalization at Equal Energy
Montclair Energy announced that it has published a detailed proposal to maximize shareholder value at Equal Energy through a recapitalization of the company. Montclair's proposal includes an analysis of the superiority of Equal conducting a leveraged recapitalization rather than completing the still pending sale to Petroflow Energy. The proposal includes the following conclusions: the Petroflow deal significantly undervalues the company; a sale of the company would preclude investors from participating in the company's future potential, with a leveraged share repurchase giving investors immediate capital return and future appreciation potential. Montclair said that in total, it estimates that a levered share repurchase can deliver total share price realization of $7.01-$9.97, representing a 29%-84% premium to the Petroflow offer of $5.43 per share.
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July 31, 2014
16:46 EDTEQUEqual Energy, Petroflow announce defeasance of debentures, relief application
Petroflow Energy and Equal Energy announced that, in connection with the acquisition of Equal by Petroflow by way of plan of arrangement completed earlier, Equal has defeased all of the outstanding 6.75% convertible, unsecured, junior, subordinated debentures due March 31, 2016 by depositing cash, in trust with the trustee under the indenture governing the debentures, sufficient to fully pay, satisfy and discharge all obligations under the debentures. The completion of the arrangement constitutes a change of control under the indenture. As a result, pursuant to its obligations under the indenture, Equal will be offering to repurchase debentures at a purchase price equal to 101% of the principal amount thereof plus accrued interest, subject to the terms and conditions set out in the indenture. Holders that do not accept the change of control purchase offer shall be entitled to continue to receive interest on the debentures until they are redeemed at par on March 31, 2016 in accordance with the provisions of the indenture.

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