High Arctic Prepares for Business Reorganization

High Arctic Energy Services (TSE:HWO) has released an update.

High Arctic Energy Services Inc. has received conditional approval from the Toronto Stock Exchange for the listing of new shares to be issued under a plan of arrangement, aimed at separating its North American and Papua New Guinea operations. Shareholders are slated to receive new shares of both High Arctic and SpinCo in exchange for their current shares, pending approval at an upcoming meeting and fulfillment of closing conditions. The arrangement also includes a return of capital of up to $38.2 million to shareholders before the deal’s expected completion on July 31, 2024.

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