Daylight Resources Trust and Cadence Energy Inc. Announce New Meeting Date

June 23, 2008 9:07 PM EDT

CALGARY, ALBERTA--(Marketwire - June 23, 2008) - Daylight Resources Trust ("Daylight" or the "Trust")(TSX: DAY.UN) and Cadence Energy Inc. ("Cadence")(TSX: CDS) announce that they have received an interim order (the "Interim Order") of the Court of Queen's Bench of Alberta (the "Court") today giving directions as to the calling and holding of a meeting (the "Meeting") of holders ("Cadence Shareholders") of common shares ("Cadence Shares") for the purpose of such Cadence Shareholders voting upon the previously announced plan of arrangement (the "Arrangement") with Daylight. The Meeting will be held in the Plaza Room of the Metropolitan Centre, 333 4th Avenue S.W., Calgary, Alberta, at 9:00 a.m. (Calgary time) on Tuesday, July 22, 2008. Pursuant to the Interim Order, the Cadence Shareholders will vote on the Arrangement together as a single class and each Cadence Share entitled to vote at the Meeting will entitle the holder to one vote at the Meeting.

Cadence and Daylight have agreed with an ad hoc committee of holders (the "Debentureholders") of Cadence's 4.75% convertible unsecured subordinated debentures due on June 30, 2012 (the "Cadence Debentures") that the Debentureholders will not be entitled to vote at the Meeting, nor will the Debentureholders appear at the application for the final order approving the Arrangement. Instead, the parties have agreed to seek a judicial determination prior to closing as to whether Cadence is required to make an offer to purchase all of the outstanding Cadence Debentures in accordance with the indenture at a purchase price equal to 100% of the principal amount of the Cadence Debentures, plus accrued and unpaid interest, if any, to, but not including, the purchase date. The parties have also agreed to close the Arrangement in accordance with the terms of the Arrangement Agreement regardless of the decision in the judicial determination.

If the Arrangement is approved by the Cadence Shareholders and all other conditions to the implementation of the Arrangement are satisfied or waived, Daylight and Cadence anticipate that the Arrangement will become effective on or about July 23, 2008.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Daylight Resources Trust
        Anthony Lambert
        President & CEO
        (403) 213-5306
        alambert@daylightenergy.ca

        Daylight Resources Trust
        Steve Nielsen
        Vice President & CFO
        (403) 213-5312
        snielsen@daylightenergy.ca

        Daylight Resources Trust
        Ted Hanbury
        Executive Vice President
        (403) 770-6318
        thanbury@daylightenergy.ca

        Daylight Resources Trust
        Toll free (877) 266-6901
        Fax: (403) 266-6988 (FAX)
        www.daylightenergy.ca
        ir@daylightenergy.ca

        Cadence Energy Inc.
        Grant B. Fagerheim
        President & CEO
        (403) 290-3401
        GFagerheim@kereco.com

Source: Cadence Energy Inc.

Related Categories

Press Releases

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?