Canada Southern Petroleum Ltd. Files Preliminary Proxy Materials Related to Corporate Governance Initiatives
01 Octubre 2004 - 4:54PM
PR Newswire (US)
Canada Southern Petroleum Ltd. Files Preliminary Proxy Materials
Related to Corporate Governance Initiatives CALGARY, Alberta, Oct.
1 /PRNewswire-FirstCall/ -- Canada Southern Petroleum Ltd. (the
"Company") (NASDAQ/Pacific: CSPLF; Toronto/Boston: CSW) today
reported that the Company has today filed with U.S. and Canadian
securities regulators the Company's preliminary proxy materials
relating to a planned special meeting of the Company's shareholders
scheduled to be held on November 30, 2004 in Calgary, Alberta. If
needed, a special confirmatory meeting of shareholders is scheduled
for December 15, 2004 in Calgary, Alberta. The record date for the
Meetings will be October 18, 2004. The purpose of the Meetings is
to allow shareholders to consider and, if thought appropriate,
enact changes to the corporate governance structure for the
Company. The governance changes will be implemented by the
continuance of the Company from being a corporation governed by the
corporate legislation of Nova Scotia to be a corporation governed
by the corporate legislation of Alberta. At the special meeting,
shareholders will be asked to vote on special and ordinary
resolutions with respect to the following four items: (1) the
continuance of the Company from Nova Scotia to Alberta and the
adoption of the articles of continuance and new corporate bylaws
under the Business Corporations Act (Alberta); (2) the elimination
of the five year term for directors, so that commencing at the 2005
Annual General Meeting each director will be elected annually for a
one year term; (3) the elimination of the 1,000 share voting
limitation, so that each shareholder will be entitled to vote all
shares held by him or her; and (4) the elimination of the
requirement for director approval of shareholder action. Richard C.
McGinity, the Company's Chairman of the Board of Directors, stated,
"We consider the continuance to Alberta and corporate governance
amendments to be a fundamental component of the modernization of
the Company's corporate governance and believe that the
implementation of these proposals is very important for Canada
Southern and its shareholders. The Board of Directors has
determined that the resolutions are fair to the shareholders and
are in the best interests of the Company." The Company's
preliminary proxy materials are subject to review by the U.S.
Securities and Exchange Commission (SEC) and may change. The
Company anticipates finalizing the proxy materials as soon as
practicable in October 2004 and mailing its definitive proxy
materials to shareholders on or about October 20, 2004. This
announcement is not a proxy statement, nor is it a solicitation of
any proxies from the Company's shareholders. The Company's
preliminary proxy materials relating to the Meetings have been
filed today with the SEC via its Electronic Data Gathering,
Analysis, and Retrieval System (EDGAR) system and with the Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR). The preliminary proxy materials may be
obtained free of charge at the SEC's website address of
http://www.sec.gov/ or at http://www.sedar.com/. A link to the
Company's SEC and SEDAR filings can also be found on the Company
website address of http://www.cansopet.com/. Canada Southern
Petroleum Ltd. is an independent energy company based in Calgary,
Alberta, Canada. The Company is engaged in oil and gas exploration
and development, with its primary interests in producing properties
in the Yukon Territory and British Columbia, Canada. The Company's
limited voting shares are traded on the NASDAQ SmallCap Market and
the Pacific Exchange, Inc. under the symbol "CSPLF," and on the
Boston Stock Exchange and the Toronto Stock Exchange under the
symbol "CSW." The Company has 14,417,770 shares outstanding. Any
statements in this release that are not historical in nature are
intended to be, and are hereby identified as "forward-looking
statements" for purposes of the "Safe Harbor Statement" under the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
indicated in the forward-looking statements. Among these risks and
uncertainties are uncertainties as to the costs, pricing and
production levels from the properties in which the Company has
interests, the extent of the recoverable reserves at those
properties, and the significant costs associated with the
exploration and development of the properties in which the Company
has interests, particularly the Kotaneelee field. The Company
undertakes no obligation to update or revise forward-looking
statements, whether as a result of new information, future events,
or otherwise. DATASOURCE: Canada Southern Petroleum Ltd. CONTACT:
John W.A. McDonald, President and Chief Executive Officer of Canada
Southern Petroleum Ltd., +1-403-269-7741 Web site:
http://www.cansopet.com/
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