Core Viewpoint - Sintana Energy Inc. has announced a recommended acquisition of Challenger, which will be executed through a Court-sanctioned scheme of arrangement under Isle of Man law [1][3]. Acquisition Details - The acquisition agreement was reached on October 9, 2025, and the Scheme Document was sent to Challenger Shareholders on November 3, 2025 [1][2]. - On November 26, 2025, Challenger confirmed that the Scheme was approved by the requisite majority of Scheme Shareholders at the Court Meeting and the General Meeting [3]. - The acquisition is subject to various conditions, including final approval from the TSXV, which is anticipated shortly [5]. Conditions and Approvals - The ANCAP Condition has been satisfied, allowing Sintana to confirm compliance with this requirement [4]. - The Court Sanction Hearing was initially scheduled for December 9, 2025, but has been rescheduled to December 12, 2025, due to the timing of approvals [7][6]. - The Scheme is expected to become effective on December 16, 2025, pending the Court's sanction and other conditions [8]. Severance Shares - Sintana plans to issue 4,262,962 common shares at a deemed price of CDN$0.52 per share as severance payments to certain directors and officers due to the acquisition [10]. - The total severance amount owed to these individuals is CDN$2,216,740 [10]. - The issuance of Severance Shares is classified as a related party transaction, exempt from formal valuation and minority approval requirements [13]. Timetable of Events - Key dates include: - Court Sanction Hearing on December 12, 2025 [19] - Last day for dealings in Challenger Shares on December 15, 2025 [19] - Effective Date of the Scheme on December 16, 2025 [19] - Admission of New Sintana Shares on December 30, 2025 [19]
Sintana Energy Inc. Provides Update on Conditions and Timetable