Cenovus and Husky shareholders approve proposed business combination
December 15 2020 - 7:39PM
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc.
(TSX: HSE) are pleased to announce that securityholders from both
companies have voted to support the proposed transaction, announced
October 25, 2020, to combine the two companies into a resilient
integrated energy leader.
On December 15, 2020, Cenovus and Husky held separate special
shareholder meetings via live webcast. Each company’s
securityholders, respectively, voted on resolutions in connection
with the proposed business combination as described in the Joint
Management Information Circular dated November 9, 2020.
- At the Cenovus special meeting, the resolution authorizing the
issuance of Cenovus common shares and warrants to Husky common
shareholders under the Plan of Arrangement, as set out in the Joint
Management Information Circular, was approved by 93.31% of the
votes cast.
- At the Husky special meeting, the resolution approving the Plan
of Arrangement was approved by 99.94% of the votes cast by Husky
common shareholders and 99.92% of the votes cast by Husky common
shareholders and optionholders, voting together as a single
class.
- In addition, the resolution approving the exchange of Husky
preferred shares for Cenovus preferred shares was approved by
97.85% of the votes cast by Husky preferred shareholders, voting
together as a single class.
The completion of the combination remains subject to approval of
the Court of Queen’s Bench of Alberta and the receipt of all
necessary regulatory approvals.
ADVISORYThis news release contains certain
forward-looking statements and forward-looking information
(collectively referred to as “forward-looking information”) within
the meaning of applicable securities legislation, including the
United States Private Securities Litigation Reform Act of 1995,
about our current expectations, estimates and projections about the
future, based on certain assumptions made by Cenovus and Husky in
light of their experience and perception of historical trends.
Although Cenovus and Husky believe that the expectations
represented by such forward-looking information are reasonable,
there can be no assurance that such expectations will prove to be
correct. Forward-looking information in this news release includes
suggestions of future outcomes, including statements about: the
receipt of the approval of the Court of Queen’s Bench of Alberta
and the receipt of all necessary regulatory approvals.
Readers are cautioned not to place undue reliance on
forward-looking information as Cenovus's actual results may differ
materially from those expressed or implied. Cenovus and Husky
undertake no obligation to update or revise any forward-looking
information except as required by law. Developing forward-looking
information involves reliance on a number of assumptions and
consideration of certain risks and uncertainties, some of which are
specific to Cenovus and/or Husky and others that apply to the
industry generally. Material factors or assumptions on which the
forward-looking information in this news release is based include
successful closing of the transaction within expected
timelines.
Additional information about assumptions, risk factors and
uncertainties on which the forward-looking information is based and
that could cause Cenovus's actual results to differ materially from
any estimates or projections of future performance or results
expressed or implied by such forward-looking statements are
described in Cenovus's 2020 guidance (dated April 1, 2020),
Cenovus’s Management’s Discussion and Analysis (MD&A) for the
year ended December 31, 2019 and its MD&A for the period ended
September 30, 2020 as well as its Annual Information Form (AIF) and
Form 40-F for the period ended December 31, 2019 (each available at
cenovus.com).
Husky’s Annual Information Form for the year ended December 31,
2019, Management’s Discussion and Analysis for the three and nine
months ended September 30, 2020 and other documents filed with
securities regulatory authorities (accessible through the SEDAR
website at sedar.com and the EDGAR website at sec.gov)
describe some of the risks, material assumptions and other factors
that could influence actual results in respect of Husky and are
incorporated herein by reference.
About CenovusCenovus Energy Inc. is a Canadian
integrated oil and natural gas company. It is committed to
maximizing value by sustainably developing its assets in a safe,
innovative and cost-efficient manner, integrating environmental,
social and governance considerations into its business plans.
Operations include oil sands projects in northern Alberta, which
use specialized methods to drill and pump the oil to the surface
using a technique called steam-assisted gravity drainage (SAGD).
The company also has conventional crude oil, natural gas and
natural gas liquids assets in Alberta and British Columbia as well
as 50% ownership in two U.S. refineries. Cenovus shares trade under
the symbol CVE and are listed on the Toronto and New York stock
exchanges. For more information, visit cenovus.com.
Find Cenovus
on Facebook, Twitter, LinkedIn, YouTube and Instagram.About
HuskyHusky Energy is a Canadian-based integrated energy
company. It is headquartered in Calgary, Alberta, and its common
shares are publicly traded on the Toronto Stock Exchange under the
symbol HSE. The Company operates in Canada, the United States and
the Asia Pacific region with two business segments. The Integrated
Corridor includes bitumen from thermal projects in the Lloydminster
area of Saskatchewan, along with the Tucker Thermal Project and the
Sunrise Energy Project in Alberta, with production integrated into
Husky’s downstream operations, which includes upgrading, refining
and marketing of refined petroleum products. The Offshore business
includes crude oil production offshore Newfoundland and Labrador
and natural gas and liquids production offshore China and
Indonesia. For more information, visit huskyenergy.com.
Find Husky on Facebook, Twitter, LinkedIn and Instagram.
Cenovus
Contacts |
Investor Relations |
Media Relations |
Sherry Wendt, Director, Investor
Relations |
Brett Harris, Manager,
Communications |
403-766-7711 |
403-766-3420 |
|
|
Husky
Contacts |
Investor Relations |
Media Relations |
Leo Villegas, Director, Investor
Relations |
Kim Guttormson, Manager,
Communication Services |
403-513-7817 |
403-298-7088 |
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