ISS International Samuel Exploration Corp

Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy
advisory firm, today issued its report, recommending that shareholders of Suroco
Energy Inc. ("Suroco") vote AGAINST the Petroamerica Arrangement at Suroco's
upcoming annual and special meeting of shareholders to be held on July 14, 2014
at 10:00 a.m. (Calgary time). 


Shareholders are urged to support the all cash offer made by Vetra Acquisition
Ltd. ("VETRA"), a wholly-owned subsidiary of VETRA Holding S.a.r.l., for all of
the issued and outstanding shares of Suroco for $0.83 per common share. 


ISS, in recommending that Suroco shareholders vote AGAINST the Petroamerica
arrangement, concluded, "Upon analysis of the numbers, it is felt that the newly
revised Vetra offer of $0.83 in cash per share represents a higher value for
shareholders and in addition provides certainty of value. As such, a vote
AGAINST the proposed acquisition by Petroamerica Oil Corp. (revised arrangement
terms on June 19, 2014) is warranted at this stage." 


In its analysis, ISS indicates that "Based on the most recent market price on
July 2, 2014, the revised exchange ratio of Petroamerica offer represents an
implied offer consideration of approximately $0.80 per share which is lower than
the revised Vetra offer of $0.83 per share. 


Based on the average market price of Petroamerica (calculated as $0.35) since
the announcement of its revised proposal, the revised exchange ratio of
Petroamerica offer represents an implied offer consideration of approximately
$0.78 per share which is also lower than the revised Vetra offer of $0.83 per
share. In addition, the revised Vetra offer is all in cash which provides
certainty of value.


Hence, it is felt that the newly revised Vetra offer of $0.83 in cash per share
represents a superior proposal overall. As such, a vote AGAINST the proposed
acquisition by Petroamerica Oil Corp. (revised arrangement terms on June 19,
2014) is warranted at this stage." 


ISS is the world's leading provider of corporate governance advice and proxy
voting recommendations to the global financial community. More than 1,700
institutional shareholders rely on ISS' expertise to help them make more
informed voting decisions. 


On June 24, VETRA amended its all cash offer for Suroco to increase the offer
price to $0.83 per common share.




                       Attention Suroco shareholders:                       
 Regardless of how many shares you own, it is imperative you vote your BLUE 
                                   proxy.                                   
            Shareholders are urged to vote before the deadline of           
             Friday, July 11, 2014 at 10:00 a.m. (Calgary time)             



Suroco shareholders with questions about the Offer and how to vote AGAINST the
Arrangement and deposit shares to the Offer, should contact VETRA's information
agent and depository, Kingsdale Shareholder Services, toll-free within North
America: 1-855-682-8087 or Call Collect: 416-867-2272, by fax: 416-867-2271 or
1-866-545-5580 or e-mail: contactus@kingsdaleshareholder.com. 


If you have already voted in support of the Petroamerica Arrangement, you can
revoke that proxy by voting the BLUE proxy AGAINST the Petroamerica Arrangement.
If the Petroamerica Arrangement is approved and the arrangement proceeds, Suroco
shareholders will not have the opportunity to accept the enhanced, all cash
Offer.


About VETRA

The offeror is Vetra Acquisition Ltd., a wholly-owned subsidiary of VETRA
Holding S.a.r.l., a holding company whose primary operating subsidiary is Vetra
Exploracion y Produccion Colombia, S.A.S., a multinational company engaged in
the business of exploration, extraction and production of hydrocarbons,
primarily in Colombia and Peru. Neither VETRA nor any of its and its associates
or affiliates own any shares of Suroco.


About Suroco

Suroco is focused on the identification and evaluation of opportunities for the
acquisition of interests in oil and gas properties, corporations, assets or
businesses, primarily in Colombia, and once identified and evaluated,
negotiating acquisitions thereof or participation therein. Suroco is a public
corporation that is listed on the TSXV under the symbol "SRN" and its public
filings are available on www.sedar.com.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Media Inquiries
Kingsdale Shareholder Services
416-867-2357

International Samuel Exp... (TSXV:ISS)
Historical Stock Chart
From May 2024 to Jun 2024

International Samuel Exp... (TSXV:ISS)
Historical Stock Chart
From Jun 2023 to Jun 2024