On October 29, 2012, Petrobank (OTCPK:PBEGF) announced that it would be distributing its 57% interest in subsidiary Petrobakken (PBKEF.PK) to shareholders.
The benefits of putting the Petrobakken shares directly in the hands of shareholders according to Petrobank include:
- Petrobank shareholders will receive direct ownership in the shares of New PetroBakken plus freely tradable shares in New Petrobank which will own the Heavy Oil Business;
- The Reorganization will eliminate the recent negative market valuation of the Heavy Oil Business;
- New Petrobank will have a simplified structure with an anticipated cash balance of over $100 million, sufficient to fund operations for more than two years at current and expected expenditure rates;
- Existing Petrobank shareholders will receive...
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