Financial Personal
STEP Energy Services Ltd. Announces Both Leading Independent Proxy Advisors Recommend STEP Shareholders Vote for the Arrangement With ARC
ISS cites “significant premium” and “certain and immediate value” in endorsing the Arrangement Basis for Glass Lewis endorsement includes recognition of “considerable” negotiation process STEP Shareholders are enco
CALGARY, Alberta -- STEP Energy Services Ltd. ("STEP" or the "Company") is pleased to announce that both leading independent proxy advisors, Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), have issued recommendations that shareholders of STEP ("STEP Shareholders") vote FOR the previously announced plan of arrangement (the "Arrangement") with 2659160 Alberta Ltd. (the "Purchaser") and the limited partnerships comprising ARC Energy Fund 8 (a private equity fund advised by ARC Financial Corp.) (collectively, "ARC"). Under the terms of the Arrangement, STEP Shareholders will receive $5.00 in cash for each share of STEP (the "STEP Shares") owned, a premium of approximately 40.4% to the closing price of the STEP Shares of $3.56 on the Toronto Stock Exchange on November 1, 2024, being the last trading day prior to the execution of the arrangement agreement dated November 3, 2024 (the "Arrangement Agreement"). Read More
