Gear Energy ( (TSE:GXE) ) has provided an announcement.
Gear Energy Ltd. has received shareholder approval for a significant restructuring through a plan of arrangement. This plan involves a large publicly traded company acquiring all Gear Shares and heavy oil assets, except those in Tucker Lake, while a new entity, Lotus Creek Exploration Inc., will inherit the remaining assets. This transaction, approved by 82.024% of shareholder votes, is expected to finalize following court approval, indicating a strategic shift for Gear and potential implications for stakeholders.
More about Gear Energy
Gear Energy Ltd. operates within the energy sector, focusing on the exploration and production of oil, primarily heavy oil assets. The company is based in Calgary, Alberta, and it manages assets in Central Alberta and Southeast Saskatchewan.
YTD Price Performance: 2.25%
Average Trading Volume: 198,997
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $91.15M
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