On August 14, 2003, Savanna Energy Services Corp. and Intermedia Capital Corp. completed a plan of arrangement involving Intermedia, Savanna and Savanna’s securityholders pursuant to Alberta’s Business Corporations Act. Prior to completion of the arrangement, Intermedia consolidated its common shares on the basis of one post-consolidation common share for 45 pre-consolidation common shares held. Savanna provides oilfield services to customers in Canada and the U.S., and provides well servicing, proprietary coiled tubing drilling and cased-hole wireline logging and perforating through three wholly owned operating subsidiaries, Great Plains Well Servicing Corp., Trailblazer Drilling Corporation and Ultraline Services Corporation.
Pursuant to the arrangement, Intermedia acquired all the outstanding shares of Savanna in exchange for post-consolidation common shares of Intermedia on a one-for-one basis and Intermedia and Savanna amalgamated to form an amalgamated corporation called Savanna Energy Services Corp. Intermedia issued 20,301,756 post-consolidation common shares pursuant to the arrangement at $3.50 per share, for a total value of $71,056,146.
Savanna was represented by Chris Nixon, Alyson Goldman and Dean Burns (securities and corporate/commercial) and David Weekes (tax) of Stikeman Elliott LLP in Calgary. Intermedia was represented by Joe Brennan (securities and corporate/commercial) of Shea Nerland Calnan in Calgary.
Pursuant to the arrangement, Intermedia acquired all the outstanding shares of Savanna in exchange for post-consolidation common shares of Intermedia on a one-for-one basis and Intermedia and Savanna amalgamated to form an amalgamated corporation called Savanna Energy Services Corp. Intermedia issued 20,301,756 post-consolidation common shares pursuant to the arrangement at $3.50 per share, for a total value of $71,056,146.
Savanna was represented by Chris Nixon, Alyson Goldman and Dean Burns (securities and corporate/commercial) and David Weekes (tax) of Stikeman Elliott LLP in Calgary. Intermedia was represented by Joe Brennan (securities and corporate/commercial) of Shea Nerland Calnan in Calgary.
