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Ottawa, September 6, 1995
1995-066
Petro-Canada Share Offering Proceeds
Related documents:
Natural Resources Minister Anne McLellan, Finance Minister Paul Martin and Secretary of State (International Financial Institutions) Doug Peters today announced that the government is proceeding with a public offering of its Petro-Canada common shares. The government will receive the net proceeds of sale.
A preliminary prospectus and related documents for a proposed secondary offering of 118.0 million of the government's shares in Petro-Canada have been filed with securities regulatory authorities in Canada and the United States. The offering includes an over-allotment option which allows the underwriters to purchase up to an additional 5.9 million shares. If this option is fully exercised, the government's remaining holding would be reduced to about 20 percent of the outstanding common shares of Petro-Canada.
The shares are to be sold on an instalment basis, with the first instalment payable on closing, expected in late September, and the second and third instalments payable approximately 12 and 18 months, respectively, from closing. Subject to satisfactory market conditions, the share offering price is expected to be established next week. The government has agreed that it will not sell any of its remaining Petro-Canada shares for three years without the consent of the global coordinators.
Mr. Martin indicated that, for fiscal reasons, the government will withdraw the offering if its price expectations cannot be realized.
The government owns 173.3 million common shares of Petro-Canada, representing a 70 per cent interest in the company. The intention to sell the government's Petro-Canada shares was announced in the 1995 budget.
On August 4, 1995, the government announced the selection of Gordon Capital, ScotiaMcLeod and Merrill Lynch as global coordinators for the sale. ScotiaMcLeod has been named bookrunner for the offering. The shares will be sold in Canada, the United States and internationally through two underwriting syndicates, which are set out in the attached annex.
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For further information:
Hillary Geller
Office of the Minister of Natural Resources
(613) 996-2007
Diane Lafleur
Office of the Minister of Finance
(613) 996-7861
Don Moors
Office of the Secretary of State
(International Financial Institutions)
(613) 996-7861
Note
A preliminary prospectus relating to these securities has been filed with securities commissions or similar authorities in all provinces and territories in Canada, but has not yet become final and a registration statement relating to these securities has been filed with the United States Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time a receipt for the final prospectus is obtained in Canada and the registration statement becomes effective in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. A preliminary short form prospectus relating to the offering of these securities in Canada may be obtained from ScotiaMcLeod Inc., 40 King Street West, Toronto, Ontario; or, Gordon Capital Corporation, Toronto Dominion Bank Tower, Toronto Dominion Centre, Toronto, Ontario; and in the United States from Merrill Lynch, Pierce, Fenner & Smith Incorporated, North Tower, World Financial Centre, 250 Vesey Street, New York, New York; or, in either country, from any other dealer which may lawfully distribute the preliminary short form prospectus.
Annex
Canada/International Syndicate
- ScotiaMcLeod Inc.
- Gordon Capital Corporation
- Merrill Lynch Canada Inc.
- Nesbitt Burns Inc.
- Midland Walwyn Capital Inc.
- RBC Dominion Securities Inc.
- Richardson Greenshields of Canada Ltd.
- Wood Gundy Inc.
- Lévesque Beaubien Geoffrion Inc.
- Toronto Dominion Securities Inc.
- Bunting Warburg Inc.
- First Marathon Securities Limited
- Deutsche Bank Securities
- First Energy Inc.
- Goepel Shields & Partners Inc.
- Peters & Co. Limited
- Sprott Securities Limited.
United States Syndicate Invitees
- Merrill Lynch
- Pierce, Fenner & Smith Incorporated
- Gordon Capital, Inc.
- ScotiaMcLeod (USA) Inc.
- Lehman Brothers Inc.
- CS First Boston Corporation
- Deutsche Morgan Grenfell / CJ Lawrence Inc.
- Goldman Sachs & Co.
- Morgan Stanley & Co., Incorporated
- Nesbitt Burns Securities Inc.
- Salomon Brothers, Inc.
- Smith Barney, Inc.
- Howard, Weil, Labouisse, Friedrichs, Incorporated
- Jeffries & Company, Inc.
- Petrie Parkman & Co., Inc.
- Southeast Research Partners, Inc.
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