- Pan Orient (POE) has completed its arrangement agreement with Dialog Systems
- Dialog acquired all issued and outstanding Pan Orient shares for US$0.788 (plus one CanAsia share) per share
- CanAsia, a former Pan Orient subsidiary, is expected to list on the TSXV at market open on August 29, 2022 as the new owner of Pan Orient operations outside of Thailand
- Pan Orient is a Calgary-based junior oil and natural gas company operating in Thailand and Canada
- Pan Orient (POE) shares will remain halted until they are delisted from the TSXV on August 26, 2022
Pan Orient (POE) has completed its arrangement agreement with Dialog Systems.
Pursuant to the agreement, Dialog acquired all issued and outstanding Pan Orient shares, while Pan Orient continues to own its Thailand business.
Pan Orient shareholders will receive US$0.788 and one CanAsia share for each share held.
CanAsia, a former Pan Orient subsidiary, is expected to list on the TSXV at market open on August 29, 2022. It has assumed ownership of Pan Orient’s non-Thailand business, including:
- Pan Orient’s 71.8-per-cent interest in Andora Energy, which has interests in oil sands properties in Sawn Lake, Alberta
- Convertible loans receivable from Andora
- Pan Orient’s interests in Indonesia, which operations are, effective January 1, 2020, considered discontinued for accounting purposes
- Working capital and long-term deposits
Pan Orient is a Calgary-based junior oil and natural gas company operating in Thailand and Canada.
Pan Orient (POE) shares will remain halted until they are delisted from the TSXV on August 26, 2022.