TWIN BUTTE ENERGY LTD. AND REIGNWOOD RESOURCES HOLDING PTE. LTD. JOINTLY ANNOUNCE PLAN OF ARRANGEMENT
Twin Butte Energy Ltd. (TBE.T) and Reignwood Resources Holding Pte. Ltd. have entered into a definitive arrangement agreement, pursuant to which the purchaser has agreed to acquire: (i) all of the outstanding common shares of Twin Butte for cash consideration of six cents per share, and (ii) all of the outstanding 6.25-per-cent convertible unsecured subordinated debentures due Dec. 31, 2018, of Twin Butte for cash consideration of $140 per $1,000 principal amount of debentures, plus accrued and unpaid interest thereon. The proposed transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta).
The Purchaser is a partnership of the Reignwood Group and Horizon Holding Group, both privately held corporations domiciled in Hong Kong and Canada, respectively. The Reignwood Group is a global multi-industrial conglomerate active in sixteen industries including consumer products, real estate, hospitality and lifestyle, healthcare, aviation, ocean engineering, construction management and leasing. The Reignwood Group holds investments in over sixty subsidiaries worldwide and maintains a commitment to the green, healthy development concept through the promotion of business and cultural exchanges between China, Asia and the West.