MFC Industrial and Compton Announce Take-Up of 94% of Compton Shares
MFC Industrial Ltd. (NYSE: MIL) and Compton Petroleum Corporation (OTC: CMZPF), today announced that all of the conditions under MFC's offer (the "Offer") for all of the outstanding common shares (the "Compton Shares") of Compton have been satisfied and that MFC has, through its subsidiary taken-up and accepted for payment approximately 24.7 million Compton Shares deposited as of the expiry of the Offer today, representing approximately 94% of the outstanding Compton Shares subject to the Offer.
As the Offer was accepted by holders of more than 90% of the outstanding Compton Shares, MFC intends to exercise its rights under the compulsory acquisition provisions of the Business Corporations Act (Alberta) to acquire all of the outstanding Compton Shares that it does not currently own and expects to mail a notice of compulsory acquisition to all remaining holders of Compton Shares shortly. MFC further intends to cause the Compton Shares to be de-listed from the Toronto Stock Exchange and cause Compton to cease to be a reporting issuer under applicable securities laws as soon as possible.
The parties also announced that, pursuant to the terms of the previously announced special