Venoco, Inc. Announces Extension of Financing and End Date in Go-Private Agreement
14 Septiembre 2012 - 6:04AM
Marketwired
Venoco, Inc. (NYSE: VQ) announced today that, based on the
recommendation of the special committee of independent directors,
the board of directors of Venoco has agreed to extend to 5 p.m.
Eastern Time on October 5, 2012 the date by which committed
financing must be obtained for the merger contemplated by the
merger agreement among Venoco, Timothy Marquez, Denver Parent
Corporation and another affiliate of Mr. Marquez (the "Merger
Agreement"). The End Date (as defined in the Merger Agreement) was
extended to 5 p.m. Eastern Time on October 8, 2012.
The merger was previously approved by a majority of the
outstanding shares of Venoco common stock and a majority of the
votes of the common stock not owned by Mr. Marquez, his affiliates,
and by directors, officers and employees of Venoco or its
subsidiaries. Completion of the transaction is subject to certain
closing conditions, including a financing condition and other
customary conditions.
Mr. Marquez explained the reason for requesting the extension,
"We are aware of the concerns that certain of our stakeholders have
expressed regarding our previously announced financing package.
Rather than burden the process with the delays that could arise out
of those concerns, we have made adjustments to our financing plans
that we believe are executable in a reasonable timeframe and will
be beneficial to Venoco shareholders while appropriately
accommodating the interests of other stakeholders."
Rick Walker, chairman of the special committee of the board of
directors, stated, "Mr. Marquez continues to demonstrate both his
desire and ability to finance and close this transaction, but the
committee understands the need for additional time to adjust his
financing plans to accommodate all stakeholders. The special
committee concluded it was reasonable under the circumstances to
extend the Financing Date to 5 p.m. Eastern Time on October 5, 2012
and the End Date to 5 p.m. Eastern Time on October 8, 2012."
Neither Venoco nor Denver Parent Corporation has entered into
definitive agreements with respect to any aspect of the financing.
Completion of the financing is subject to finalization of terms,
negotiation and execution of definitive agreements, other customary
conditions, including satisfactory completion of due diligence by
financing sources, and, any necessary approvals by the independent
members of Venoco's Board of Directors. Accordingly, there can be
no assurance that all or any part of the financing or the merger
will be completed within the expected time period, on the terms
contemplated or at all.
A DPC presentation with updated details about its financing plan
has been posted on Venoco's website, www.venocoinc.com, on the
Investor Relations page under the Webcasts & Presentations
heading.
About the Company
Venoco is an independent energy company primarily engaged in the
acquisition, exploitation and development of oil and natural gas
properties primarily in California. Venoco operates three offshore
platforms in the Santa Barbara Channel, has non-operated interests
in three other platforms, operates several onshore properties in
Southern California, and has extensive operations in Northern
California's Sacramento Basin.
Forward-looking Statements All statements
in this press release except statements of historical fact are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, and these statements are subject to numerous risks and
uncertainties. The closing of the merger agreement with Mr. Marquez
and his affiliates is subject to a number of conditions, and those
conditions may not be satisfied. All forward-looking statements are
made only as of the date hereof and the company undertakes no
obligation to update any such statement. Further information on
risks and uncertainties that may affect the company's operations
and financial performance, and the forward-looking statements made
herein, is available in the company's filings with the Securities
and Exchange Commission, which are incorporated by this reference
as though fully set forth herein.
For further information, please contact Mike Edwards Vice
President (303) 626-8320 http://www.venocoinc.com E-Mail Email
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