WHITECAP RESOURCES INC. AND VEREN INC. ANNOUNCE RESULTS OF SPECIAL SHAREHOLDER MEETINGS
Whitecap Resources Inc. (TSX: WCP) and Veren Inc. (TSX/NYSE: VRN) have secured shareholder approval for their proposed business combination. At their respective special shareholder meetings on May 6, 2025, Whitecap shareholders approved the share issuance with 88.72% support, while Veren shareholders endorsed the combination with 99.78% approval.
The business combination is expected to close around May 12, 2025, pending Court of King's Bench approval scheduled for May 8, 2025. Following the closure, Veren's shares will be delisted from the TSX on May 13, 2025, and will cease trading on the NYSE on May 9, 2025. Notably, Whitecap's shares will not be listed on the NYSE, and the company plans to terminate its SEC reporting obligations.
Whitecap Resources Inc. (TSX: WCP) e Veren Inc. (TSX/NYSE: VRN) hanno ottenuto l'approvazione degli azionisti per la loro proposta di fusione aziendale. Durante le rispettive assemblee speciali degli azionisti del 6 maggio 2025, gli azionisti di Whitecap hanno approvato l'emissione di azioni con il 88,72% di voti favorevoli, mentre quelli di Veren hanno sostenuto la fusione con il 99,78% di approvazione.
La fusione aziendale è prevista per la chiusura intorno al 12 maggio 2025, subordinata all'approvazione della Court of King's Bench fissata per l'8 maggio 2025. Dopo la chiusura, le azioni di Veren saranno rimosse dalla quotazione TSX il 13 maggio 2025 e cesseranno di essere negoziate alla NYSE il 9 maggio 2025. È importante notare che le azioni di Whitecap non saranno quotate alla NYSE e la società intende terminare gli obblighi di rendicontazione alla SEC.
Whitecap Resources Inc. (TSX: WCP) y Veren Inc. (TSX/NYSE: VRN) han obtenido la aprobación de los accionistas para su propuesta de combinación empresarial. En sus respectivas juntas especiales de accionistas el 6 de mayo de 2025, los accionistas de Whitecap aprobaron la emisión de acciones con un 88.72% de apoyo, mientras que los accionistas de Veren respaldaron la combinación con un 99.78% de aprobación.
Se espera que la combinación empresarial se cierre alrededor del 12 de mayo de 2025, pendiente de la aprobación del Tribunal de King's Bench programada para el 8 de mayo de 2025. Tras el cierre, las acciones de Veren serán retiradas de la TSX el 13 de mayo de 2025 y dejarán de cotizar en la NYSE el 9 de mayo de 2025. Cabe destacar que las acciones de Whitecap no estarán listadas en la NYSE y la compañía planea terminar sus obligaciones de reporte ante la SEC.
Whitecap Resources Inc. (TSX: WCP)와 Veren Inc. (TSX/NYSE: VRN)가 제안된 사업 결합에 대해 주주 승인을 받았습니다. 2025년 5월 6일 각각의 특별 주주총회에서 Whitecap 주주들은 88.72%의 찬성으로 주식 발행을 승인했으며, Veren 주주들은 99.78%의 찬성으로 결합을 지지했습니다.
사업 결합은 2025년 5월 8일 예정된 King's Bench 법원의 승인을 조건으로 2025년 5월 12일경 완료될 예정입니다. 완료 후 Veren의 주식은 2025년 5월 13일 TSX에서 상장 폐지되며, 2025년 5월 9일 NYSE에서 거래가 중단됩니다. 특히, Whitecap의 주식은 NYSE에 상장되지 않으며, 회사는 SEC 보고 의무를 종료할 계획입니다.
Whitecap Resources Inc. (TSX : WCP) et Veren Inc. (TSX/NYSE : VRN) ont obtenu l'approbation des actionnaires pour leur proposition de fusion d'entreprise. Lors de leurs assemblées générales extraordinaires respectives le 6 mai 2025, les actionnaires de Whitecap ont approuvé l'émission d'actions avec un soutien de 88,72 %, tandis que ceux de Veren ont approuvé la fusion avec 99,78 % d'approbation.
La fusion devrait être finalisée aux alentours du 12 mai 2025, sous réserve de l'approbation de la Cour King's Bench prévue pour le 8 mai 2025. Après la clôture, les actions de Veren seront retirées de la cote du TSX le 13 mai 2025 et cesseront d'être négociées à la NYSE le 9 mai 2025. Il est à noter que les actions de Whitecap ne seront pas cotées à la NYSE et que la société prévoit de mettre fin à ses obligations de reporting auprès de la SEC.
Whitecap Resources Inc. (TSX: WCP) und Veren Inc. (TSX/NYSE: VRN) haben die Zustimmung der Aktionäre zu ihrer vorgeschlagenen Unternehmenszusammenführung erhalten. Bei ihren jeweiligen außerordentlichen Hauptversammlungen am 6. Mai 2025 stimmten die Whitecap-Aktionäre mit 88,72 % für die Aktienausgabe, während die Veren-Aktionäre die Kombination mit 99,78 % Zustimmung unterstützten.
Die Unternehmenszusammenführung soll um den 12. Mai 2025 abgeschlossen werden, vorbehaltlich der Genehmigung durch das King's Bench Gericht, die für den 8. Mai 2025 geplant ist. Nach dem Abschluss werden die Aktien von Veren am 13. Mai 2025 von der TSX delistet und der Handel an der NYSE wird am 9. Mai 2025 eingestellt. Bemerkenswert ist, dass die Aktien von Whitecap nicht an der NYSE gelistet werden und das Unternehmen plant, seine SEC-Berichtspflichten einzustellen.
- High shareholder approval rates: 88.72% from Whitecap and 99.78% from Veren shareholders
- Clear timeline for merger completion with expected closing by May 12, 2025
- Strong shareholder support indicates confidence in the business combination
- U.S. investors will lose NYSE trading access as Whitecap won't be listed there
- Termination of SEC reporting obligations may reduce transparency for U.S. investors
Insights
Whitecap-Veren merger receives overwhelming shareholder approval (>88%); U.S. investors face NYSE delisting and reduced regulatory transparency post-merger.
The shareholder approval numbers for this merger tell a compelling story. With 88.72% of Whitecap shareholders and an almost unanimous 99.78% of Veren shareholders voting in favor, we're seeing extraordinary confidence in this business combination. These approval rates significantly exceed typical thresholds for similar transactions, indicating strong alignment among shareholders regarding the merger's perceived value.
The transaction timeline is particularly aggressive - court approval hearing on May 8, expected closing around May 12, NYSE trading cessation on May 9, and TSX delisting by May 13. This compressed schedule suggests both companies anticipate no regulatory complications.
The most significant implication exists for U.S. investors in Veren. Post-merger, they'll transition from holding NYSE-listed securities with SEC oversight to holding Whitecap shares with no U.S. exchange presence and no SEC reporting obligations. This creates several considerations:
- Reduced trading liquidity in U.S. markets
- Diminished regulatory disclosure requirements
- Potential complications for institutional investors with U.S.-only mandates
- Changed tax treatment implications
While the press release focuses on procedural elements rather than strategic rationale, the extraordinarily high approval percentages suggest shareholders have already thoroughly evaluated and endorsed the underlying business case. The companies appear confident in receiving final regulatory approvals given their aggressive timeline for closing and subsequent delisting activities.
On May 6, 2025, Whitecap and Veren held special shareholder meetings virtually, via live webcasts, with each company's shareholders voting on resolutions in connection with the proposed Business Combination.
- At the Whitecap special shareholders meeting, the resolution authorizing the issuance of Whitecap common shares to Veren shareholders pursuant to and in connection with the Business Combination, as set out in the joint management information circular of Whitecap and Veren dated March 28, 2025, was approved by
88.72% of the votes cast. - At the Veren special shareholders meeting, the resolution approving the Business Combination was approved by
99.78% of the votes cast.
The application for approval of the Business Combination by the Court of King's Bench is scheduled to be heard on May 8, 2025. Subject to approval of the Court of King's Bench and other customary closing conditions, the Business Combination is expected to close on or about May 12, 2025 and Veren's common shares are expected to be delisted from the Toronto Stock Exchange ("TSX") at close of markets on May 13, 2025.
Assuming that the Business Combination closes before markets open on Monday, May 12, 2025 as is currently planned, Veren's common shares will cease trading on the New York Stock Exchange ("NYSE") at such time, and the last day of trading of the Veren common shares on the NYSE will be Friday, May 9, 2025. Whitecap's common shares will not be listed on the NYSE and Whitecap intends to terminate any reporting obligations it may have with the Securities and Exchange Commission ("SEC") as a result of this transaction. Investors in
For further information:
Grant Fagerheim, President & CEO | Craig Bryksa, President & CEO |
or | or |
Thanh Kang, Senior Vice President & CFO | Ken Lamont, CFO |
Whitecap Resources Inc. | Veren Inc. |
3800, 525 – 8th Avenue SW | 2000, 585 – 8th Avenue SW |
(403) 266-0767 | (403) 693-0020 |
www.vrn.com | |
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to current expectations about the future, based on certain assumptions made by Whitecap and Veren. Although Whitecap and Veren believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this press release is identified by words such as "expect", "will", or similar expressions and includes suggestions of future outcomes, including statements about the anticipated timing of the hearing of the Court of King's Bench with respect to the Business Combination, the expected closing date of the Business Combination, the expected timing for the delisting of Veren's common shares on the TSX, the expected timing for the cease trading of Veren's common shares on the NYSE, and the intention of Whitecap to terminate any reporting obligations it may have with the SEC.
Readers are cautioned not to place undue reliance on forward-looking information as Whitecap's and Veren's actual results may differ materially from those expressed or implied. Neither Whitecap nor Veren undertake any obligation to update or revise any forward-looking information except as required by law. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Whitecap and Veren and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this press release is based include: successful closing of the Business Combination, including obtaining necessary regulatory approvals and satisfying all other conditions to closing, within expected timelines.
Additional information about assumptions, risk factors, and uncertainties on which the forward-looking information is based and that could cause Whitecap's or Veren's actual results to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements are described in the joint management information circular of Whitecap and Veren dated March 28, 2025, which is available on Whitecap's and Veren's SEDAR+ profiles at www.sedarplus.ca.
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SOURCE Veren Inc.
FAQ
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