High Arctic Energy (TSE:HWO) has released an update.
High Arctic Energy Services Inc. is set to reorganize by splitting into two separate entities, aiming to unlock shareholder value by addressing market undervaluation and operational synergies. Shareholders will receive proportionate shares in both the North American operations and the newly formed SpinCo, which will focus on Papua New Guinea. Additionally, a significant return of capital to shareholders is planned, offering up to $38.2 million, or $0.76 per share.
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