High Arctic Announces Reorganization to Create Two Energy Services Companies, Return of Capital to Shareholders, and Annual General and Special Meeting of Shareholders
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CALGARY, Alberta, May 11, 2024 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors (“Board”) has unanimously approved the reorganization of High Arctic to separate the Corporation’s North American and Papua New Guinea (“PNG”) businesses, by way of a court-approved plan of arrangement (the “Arrangement”), as well as a distribution of surplus cash to shareholders by way of a return of capital of up to $38.2 million (up to $0.76 per common share) of High Arctic (the “Return of Capital”)....
