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The latest announcement is out from Gear Energy ( (TSE:GXE) ).
Gear Energy Ltd. is urging its shareholders to vote in favor of a proposed arrangement where a major public company will acquire most of Gear’s heavy oil assets for $110 million, excluding the Tucker Lake property, while transferring its remaining assets to a new entity, Lotus Creek Exploration Inc., owned by former Gear shareholders. The recommendation to approve this arrangement has been supported by the leading proxy advisory firm, Institutional Shareholder Services Inc., indicating a positive outlook for the transaction’s approval and potential benefits for stakeholders.
More about Gear Energy
Gear Energy Ltd. operates within the oil and gas industry, primarily focusing on the production and exploration of heavy and light oil assets in regions such as Central Alberta and Southeast Saskatchewan.
YTD Price Performance: -2.82%
Average Trading Volume: 200,718
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $90.7M
For a thorough assessment of GXE stock, go to TipRanks’ Stock Analysis page.