Gas Natural (EGAS) to Delay FY12 Meeting on Pending Acquisition
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Gas Natural Inc. (AMEX: EGAS) announced that its Board of Directors plans to delay its 2012 annual meeting from its regularly scheduled June date due to a potential acquisition that requires shareholder approval. A date will be announced at a later time.
On April 18, 2012, the Company entered into a non-binding term sheet to acquire John D. Oil and Gas Marketing Company, LLC ("JDOGM"), an Ohio limited liability company engaged in the purchase and re-sale of natural gas. Richard M. Osborne, Gas Natural's Chief Executive Officer and Chairman of the Board, is the majority owner and manager of JDOGM.
Pursuant to the term sheet, the consideration for the purchase of JDOGM shall be paid in shares of common stock of Gas Natural with an initial issuance of common stock valued at $2,875,000 and additional issuances of common stock based on the achievement of certain financial milestones by JDOGM. The transaction is subject to completion of a definitive agreement and other customary terms and conditions, including approval by the shareholders of Gas Natural.
The term sheet is non-binding on the parties and there is no assurance that the transaction will be consummated.
On April 18, 2012, the Company entered into a non-binding term sheet to acquire John D. Oil and Gas Marketing Company, LLC ("JDOGM"), an Ohio limited liability company engaged in the purchase and re-sale of natural gas. Richard M. Osborne, Gas Natural's Chief Executive Officer and Chairman of the Board, is the majority owner and manager of JDOGM.
Pursuant to the term sheet, the consideration for the purchase of JDOGM shall be paid in shares of common stock of Gas Natural with an initial issuance of common stock valued at $2,875,000 and additional issuances of common stock based on the achievement of certain financial milestones by JDOGM. The transaction is subject to completion of a definitive agreement and other customary terms and conditions, including approval by the shareholders of Gas Natural.
The term sheet is non-binding on the parties and there is no assurance that the transaction will be consummated.
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