CALGARY, Dec. 8, 2011 /PRNewswire/ - Gibson Energy Inc. (TSX: GEI) ("Gibson"), is pleased to announce the completion of Gibson's previously announced acquisition of Palko Environmental Ltd. ("Palko") pursuant to a plan of arrangement under the Business Corporations Act (Alberta).
The plan of arrangement was approved by approximately 99.99% of the votes cast by Palko securityholders at the special meeting of securityholders held on December 7, 2011.
Gibson issued a total of 2,383,392 Common Shares and paid approximately $5.8 million in cash to acquire the Palko shares it did not already own (being approximately 61% of Palko's outstanding shares). In addition, Gibson paid out existing debt and assumed working capital of Palko, estimated at $18.3 million. Palko's shares will be delisted from the Toronto Stock Exchange as soon as possible.
"We are excited about the opportunities and synergies that the new Custom Treating and Terminals division will provide Gibson and look forward to a smooth combination of the Palko and Gibson organizations," said Stew Hanlon, President and Chief Executive Officer of Gibson.
All references to monetary amounts in this press release are to Canadian dollars.
About Gibson
Gibson is one of the largest independent midstream energy companies in Canada and a major participant in the crude oil transportation business in the United States. Gibson transports hydrocarbons and water by utilizing its integrated network of terminals, pipelines and truck fleet, located throughout western Canada and the United States. Gibson's shares trade on the Toronto Stock Exchange under the symbol GEI.
Gibson's primary objective is to generate stable and growing cash flows for shareholders through an attractive dividend and a growing asset base.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events or Gibson's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words 'anticipate', 'plan', 'contemplate', 'continue', 'estimate', 'expect', 'intend', 'propose', 'might', 'may', 'will', 'shall', 'project', 'should', 'could', 'would', 'believe', 'predict', 'forecast', 'pursue', 'potential' and 'capable' and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include the statements regarding opportunities and synergies relating to the Custom Treating and Terminals division. Gibson's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which Gibson operates, prevailing economic conditions, and other factors, many of which are beyond the control of Gibson. The forward-looking statements contained in this news release represent Gibson's expectations as of the date hereof, and are subject to change after such date. Gibson 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 may be required by applicable securities regulations.
SOURCE Gibson Energy Inc.
