Angle Energy – Bellatrix merger contemplates unilateral s. 85 elections

Angle Energy shareholders have sold their share to Bellatrix for cash or Bellatrix shares (but with the overall cash/share split fixed at 22%/78%), followed by an amalgamation of Bellatrix, Angle and an Angle subsidiary (ARI).  The first step under the plan of arrangement was the s. 98(3) winding-up of a partnership between Angle and ARI.

Angle shareholders who wish to elect under s. 85(1) or (2) will be able to download "pre-signed" election forms from the Bellatrix website.  Presumably Bellatrix will have no way of monitoring whom it has "jointly" elected with, in which case it may not be able to correctly compute the cost of its Angle shares or the PUC limit for the shares issued by it.

Neal Armstrong.  Summary of Joint Circular of Angle Energy and Bellatrix Exploration under Mergers & Acquisitions – Mergers – Shares for Shares or Cash.