PrimeWest Energy Trust Announces Distribution for January 2008, Waiver of Conditions and Update of Options for Debenture Convers
December 17 2007 - 7:50AM
Marketwired
CALGARY, ALBERTA (TSX: PWI.UN) (TSX: PWX) (TSX: PWI.DB.A) (TSX:
PWI.DB.B) (TSX: PWI.DB.C) (NYSE: PWI) today announces a
distribution of C$0.25 per Trust Unit payable January 15, 2008 to
Unitholders of record on January 4, 2008. The ex-distribution date
will be January 2, 2008. The exchange ratio for Exchangeable Shares
will be increased in lieu of the cash distribution, effective as of
the January 4, 2008 record date, as opposed to the previous
practice of increasing the exchange ratio on the distribution
payment date. As previously announced, the premium distribution,
distribution reinvestment, and optional trust unit purchase plans
were suspended for distributions paid after October 15, 2007.
With respect to the transaction (the "Arrangement") with 1350849
Alberta Ltd. ("Purchaser") and TAQA North Ltd. (both wholly owned
subsidiaries of Abu Dhabi National Energy Company PJSC ("TAQA")),
as previously announced Purchaser and TAQA North Ltd. have waived
their right to terminate the transaction due to (a) a material
adverse change affecting PrimeWest to the extent that it is caused
by any matter, fact or development that arises after December 14,
2007, or (b) an event occurs after December 14, 2007 which makes a
representation or warranty of PrimeWest untrue. Completion of the
Arrangement remains subject to certain other closing conditions
that are typical of transactions of this nature.
Holders of any of the Series I, Series II, or Series III
Convertible Debentures of the Trust (collectively, the
"Debentures") may convert their Debentures into Trust Units either
irrevocably or conditional upon the completion of the Arrangement.
Registered holders of Debentures may convert all or part of their
Debentures into Trust Units and participate in the Arrangement by
duly completing and signing the conversion notice located on the
back of the Debenture certificate and delivering the completed
certificate to Computershare Trust Company of Canada at Suite 710,
530 - 8th Avenue S.W., Calgary, Alberta T2P 3S8 or 100 University
Avenue, 9th Floor, Toronto, Ontario M5J 2Y1.
Alternatively, registered holders of Debentures may elect to
convert all or part of their Debentures conditional upon the
completion of the Arrangement by completing and signing the
conditional conversion notice available on the PrimeWest website at
www.primewestenergy.com and submitting it along with their
Debenture certificate(s) as directed above. The completed
conditional conversion notices must be received by 5:00 PM (MST
time) on Friday January 11, 2008, provided that if the Arrangement
is not completed on January 16, 2008, as presently contemplated,
such conversion notices must be received by 5:00 PM (MST time) on
the third business day prior to the actual completion date of the
Arrangement.
Beneficial holders, who hold their Debentures through a broker,
nominee or other intermediary, that wish to either irrevocably or
conditionally convert their Debentures into Trust Units, should
provide instructions to their broker, nominee or other
intermediary, as applicable. The conversion of any Debentures
submitted conditional on the completion of the Arrangement will be
deemed to have occurred immediately prior to the effective time on
the completion date of the Arrangement.
PrimeWest is a Calgary-based conventional oil and gas royalty
trust that actively acquires, develops, produces and sells natural
gas, crude oil and natural gas liquids for the generation of
monthly cash distributions to Unitholders. Trust Units of PrimeWest
trade on the Toronto Stock Exchange (TSX) under the symbol "PWI.UN"
and on the New York Stock Exchange under the symbol "PWI."
Exchangeable Shares of PEI trade on the TSX under the symbol "PWX."
Series I PrimeWest Convertible Debentures trade on the TSX under
the symbol "PWI.DB.A," Series II PrimeWest Convertible Debentures
trade under the symbol "PWI.DB.B" and Series III PrimeWest
Convertible Debentures trade under the symbol "PWI.DB.C."
To learn more about PrimeWest, please visit our website at
www.primewestenergy.com.
Contacts: PrimeWest Energy Trust George Kesteven Manager,
Investor Relations (403) 699-7367 or Toll Free: 1-877-968-7878
PrimeWest Energy Trust Debbie Carver Investor Relations Advisor
(403) 699-7464 or Toll Free: 1-877-968-7878 Email:
investor@primewestenergy.com Website: www.primewestenergy.com
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