Paramount Acquires Summit

On June 28, 2002, pursuant to its May 23, 2002 takeover bid, Calgary-based Paramount Resources Ltd., through an indirect, wholly owned subsidiary, acquired approximately 97.8 per cent of the outstanding common shares of Australian-based Summit Resources Limited at $7.40 per common share, for total proceeds of $232,219,955. Paramount will implement the compulsory acquisition procedures to acquire the remainder of the shares. Concurrent with the closing of the takeover bid, Paramount closed a $600 million debt financing provided by a syndicate of lenders comprised of Bank of Montreal, CIBC and The Bank of Nova Scotia.
Gowling Lafleur Henderson LLP in Calgary acted for Paramount, with a team including Wallace MacInnes, Q.C. (general corporate), Brian Mainwaring, Kurtis Kulman, Jason McCormick and Hargo Mundi (securities), Richard Myers, Andrew Oppenheim, John Paterson, Tom Cumming, Bob Culton, Gary Rose and Nick Salaysay (debt financing) and Edith Gillespie (competition). Felesky Flynn LLP provided tax advice to Paramount, with a team comprised of Les Skingle, Q.C., Don Biberdorf and Wanda Rumball.
Bennett Jones LLP acted for Summit, with a team that included Jim Smeltzer and Took Whiteley (securities), Beth Riley (competition) and Darcy Moch (tax). Burnet, Duckworth & Palmer LLP acted for the banking syndicate that provided the credit facility for the funds necessary to complete the transaction, with a team comprised of Cal Johnson, Scott Sangster, Patricia Fehr, Dan Sears and Katherine Pybus (debt financing), Jay Reid (securities) and Ian Bock (tax).