Double Eagle Petroleum Co. (NasdaqGS: DBLE) extended the expiration date of its consent solicitation, the Denver-based company announced.
The extension amends the articles supplementary for the company's 9.25% series A cumulative preferred stock to modify the circumstances under which the preferred stock would be subject to mandatory redemption following a "change of ownership or control" of the company and to extend the date upon which the preferred stock is subject to optional redemption by the company from June 30, 2012 to September 30, 2013. The purpose of the proposed amendments is to allow the company more flexibility in pursuing strategic merger and acquisition activities in order to strengthen its position in the oil and gas industry and provide value growth for its shareholders.
The consent solicitation, initially scheduled to expire at 5 p.m. MST on November 26, 2012, will be extended to 5 p.m. MST on December 10, 2012.
Except as set forth herein, the complete terms and conditions of the consent solicitation remain the same as set forth in the consent solicitation statement dated October 23, 2012 and the accompanying consent letter previously distributed to eligible holders of preferred stock.
All holders of the preferred stock who have previously delivered a consent in the consent solicitation do not need to redeliver such consents or take any other action. Such holders may revoke their consents prior to the consent date, as defined in the consent solicitation statement. Other holders of preferred stock who have not yet delivered a consent should follow the instructions described in the consent solicitation statement and the consent letter.
Holders of the preferred stock are urged to read and carefully consider the information contained in the consent solicitation statement. The company's obligation to accept consents and to terminate or further extend the consent solicitation remains subject to certain conditions as set out in the consent solicitation statement.
Georgeson Inc. is acting as the solicitation agent for the consent solicitation.
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