Stans Energy Corp. reports on its shareholder meeting
July 15, 2010
Stans Energy Corp. (TSX-V: RUU) held its annual and special meeting of shareholders on July 14, 2010. At the meeting, shareholders voted to re-elect the incumbent directors, re-appoint KPMG LLP as auditors, approve the company’s existing stock option plan for the ensuing year, and approved the adoption of a shareholders rights plan (the “Rights Plan”).
The Rights Plan provides the board of directors with additional time to consider any take-over bid and, if applicable, to explore alternative transactions in order to maximize shareholder value. The Rights Plan is not designed to prevent take-over bids that treat shareholders fairly. Pursuant to the terms of the Rights Plan, any bid that meets certain criteria intended to protect the interests of all shareholders are deemed to be “Permitted Bids”. A Permitted Bid must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and, in addition to certain other conditions, must remain open for 60 days. In the event a take-over bid does not meet the Permitted Bid requirements of the Rights Plan, the rights issued under the plan will entitle shareholders, other than any shareholder or shareholders involved in the take-over bid to purchase additional common shares of Stans at a significant discount to the market price of the common shares at that time. The Rights Plan is not being adopted in response to any formal proposal to acquire control of Stans. The Rights Plan is subject to approval by the TSX Venture Exchange.
For more information, please contact:
President and CEO, Stans Energy Corp.
Ph. 647 426 1865
Manager Investor Relations, Stans Energy Corp
Ph. 647 426 1865