CALGARY,
AB, Oct. 7, 2024 /CNW/ - MEG Energy Corp.
("MEG" or the "Corporation" (TSX: MEG)) has received notice of an
unsolicited "mini-tender" offer made by TRC Capital Investment
Corporation ("TRC Capital") to purchase up to 4,000,000 MEG shares,
or approximately 1.50% of MEG's outstanding shares, at a price of
C$24.25 per share. The offering price
represents a discount of 4.57% to the closing price of MEG shares
on the Toronto Stock Exchange (the "TSX") on September 30, 2024, the last trading day before
the mini-tender offer was commenced, and a 12.42% discount to
the closing price of the MEG shares on the TSX on October 4, 2024.
MEG does not endorse TRC Capital's unsolicited
offer, has no association with TRC Capital or its offer, and does
not recommend or endorse this unsolicited mini-tender offer.
Shareholders are cautioned that TRC Capital's offer has been made
at a price below the current market price for MEG shares. In
addition, we caution shareholders that the offer is highly
conditional and is not funded; the completion of the offer is
subject to receipt of all financing necessary to fund TRC Capital's
financial obligations under the offer.
TRC Capital has made similar unsolicited mini-tender offers for
shares of several other public companies. Mini-tender offers are
designed to avoid many of the investor protections like disclosure
and procedural protections applicable to most take-over bids and
tender offers under Canadian securities laws. Canadian securities
regulatory authorities have expressed concerns about mini-tender
offers, including the possibility that investors might tender to
such offers without understanding the offer price relative to the
actual market price of their securities. Comments from the Canadian
securities regulatory authorities (the "CSA") on mini-tenders can
be found in its notice at:
https://www.osc.ca/en/securities-law/instruments-rules-policies/6/61-301/csa-staff-notice-61-301-staff-guidance-practice-mini-tenders.
MEG urges shareholders to obtain current market quotations for
their shares, consult with their broker or financial advisor and
exercise caution with respect to TRC Capital's offer. MEG
recommends that shareholders who have not responded to TRC
Capital's mini-tender offer take no action.
Shareholders who have already tendered their shares should
consider taking actions to withdraw them including reviewing the
withdrawal procedures in TRC Capital's offering documents.
MEG requests that TRC Capital include a copy of this news
release with all distributions of materials relating to TRC
Capital's mini-tender offer related to MEG shares.
About MEG
MEG is an energy company focused on in situ thermal oil
production in the southern Athabasca oil region of Alberta, Canada. MEG is actively developing
innovative enhanced oil recovery projects that utilize
steam-assisted gravity drainage extraction methods to improve the
economic recovery of oil. MEG transports and sells thermal oil
(AWB) to customers throughout North
America and internationally. MEG is a member of the Pathways
Alliance, a group of Canada's
largest oil sands producers. MEG's common shares are listed on the
Toronto Stock Exchange under the symbol "MEG" (TSX: MEG). Learn
more at www.megenergy.com.
For further information, please contact:
Investor Relations
T 403.767.0515
E invest@megenergy.com
Media Relations
T 403.775.1131
E media@megenergy.com
SOURCE MEG Energy Corp.