Dominion Energy Extends Offer to Shareholders
of Remington Energy
RICHMOND, Va.— Dominion Energy Inc. announced today that
it has mailed to beneficial holders of outstanding shares of Remington Energy
Ltd. its cash offer of approximately $34 million (C$50 million), or $1.27 (C$1.90)
per share to acquire the company. Including assumed debt, the transaction will
have a total value of approximately $261 million (C$390 million).
Dominion Energy, a subsidiary of Dominion Resources Inc.
(NYSE: D), announced its plans to purchase the Calgary-based natural gas exploration
and production company last week.
Dominion Energy’s offer is made through DEI Canada Holding
Company Inc., a subsidiary of Dominion Energy, which also owns Dominion Energy
Canada Ltd., Dominion Energy’s existing Canadian natural gas subsidiary. Dominion
Energy’s offer is open for acceptance by holders of Remington shares until 9
p.m. (MST) on March 29, 1999 unless extended by Dominion Energy.
Dominion Energy’s offer to acquire Remington was mailed to
holders of shares of Remington in accordance with the terms of the pre-acquisition
agreement entered into between Dominion Energy and Remington on February 23,
1999. Certain directors, officers and other major shareholders of Remington,
holding approximately 24.7 percent of shares of Remington, have agreed to tender
their shares to Dominion Energy under its offer.
Dominion Energy has retained CIBC Wood Gundy Securities Inc.
to act as dealer manager for the offer in Canada and CIBC Oppenheimer Corp.
to act as dealer manager in the United States.
