Cenovus and Husky agreed to combine their respective businesses and entered into an arrangement agreement dated
Cenovus and Husky Special Meetings
Special meetings for Cenovus common shareholders and for Husky common shareholders, preferred shareholders and optionholders will be held in order to consider and vote on resolutions in connection with the plan of arrangement, as described in the circular. Due to COVID-19, and in alignment with the recommendations of Canadian public health officials, the meetings will be conducted via live webcasts.
The Husky virtual meeting will be held at
How to Vote
All securityholders are encouraged to vote in person (virtually) or by proxy. Details on how to vote and how to participate in the live webcasts are contained in the circular.
The completion of the arrangement is subject to, among other things, (i) the approval of the arrangement by not less than 66% of the votes cast by Husky common shareholders at the Husky virtual meeting, (ii) the approval of the arrangement by not less than 66% of the votes cast by Husky common shareholders and optionholders, voting together as a single class, at the Husky virtual meeting, (iii) the approval of the issuance of Cenovus common shares under the arrangement by a simple majority of the votes cast by Cenovus shareholders at the Cenovus virtual meeting, (iv) the approval of the
About the Transaction
The arrangement is currently anticipated to be completed in the first quarter of 2021, subject to satisfaction of all closing conditions. Upon completion of the transaction, the combined company will continue to operate as Cenovus and remain headquartered in
The circular has been filed on each company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at sedar.com and on each company's profile on the Electronic Data Gathering, Analysis and Retrieval System (EDGAR) at sec.gov, and is available on Cenovus's website at cenovus.com and on Husky's website at huskyenergy.com.
ADVISORY
Note Regarding Forward-looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively referred to as 'forward-looking information') within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by Cenovus and Husky in light of their experience and perception of historical trends. Although Cenovus and Husky 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. Readers are cautioned not to place undue reliance on forward-looking information as actual results may differ materially from those expressed or implied. Cenovus and Husky undertake no obligation to update or revise any forward-looking information except as required by law.
This forward-looking information is identified by words such as 'anticipated', 'opportunity', 'potential', 'will', or similar expressions and includes suggestions of future outcomes, including statements about: the holding of shareholder meetings; the timing of closing of the transaction and the future operation and headquarters of the combined company.
Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and Husky and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this news release is based include: successful closing of the transaction, including obtaining necessary shareholder, court and regulatory approvals and satisfaction of all other conditions to closing and within expected timelines.
Additional information about risks, assumptions, uncertainties and other factors that could cause Cenovus's actual results to differ materially from those expressed or implied by its forward-looking statements is contained under 'Risk Management and Risk Factors' in Cenovus's Annual Management's Discussion and Analysis (MD&A) or Form 40-F for the year ended
Husky's Annual Information Form for the year ended
About Cenovus
About Husky
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