Glass Lewis Recommends Pace Shareholders Vote Against the Arrangement
VANCOUVER, British Columbia, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Nova Bancorp
Ltd. ("Nova Bancorp") was encouraged to learn today that Glass Lewis & Co.
("Glass Lewis") has recommended that Pace shareholders vote the against the
proposed business combination involving Pace Oil & Gas Ltd. (TSX:PCE)
(OTCPK:PACEF), AvenEx Energy Corp. and Charger Energy Corp. (the
"Arrangement"). Glass Lewis is the leading, independent, governance analysis
and proxy voting firm, serving institutional investors globally that
collectively manage more than $15 trillion in assets.
This solicitation is being made by Nova Bancorp and not by or on behalf of the
management of Pace Oil & Gas Ltd. Except for certain non-public solicitations,
any solicitation will be made by broadcast, speech or publication.Nova
Bancorp will bear all the costs and expenses associated with such
solicitation.Affiliates or associates of Nova Bancorp own an aggregate of
108,200 Pace common shares ("Shares"), representing approximately 0.23% of the
total Shares issued and outstanding as of the record date.Nova Bancorp
Investments Ltd., an affiliate of Nova Bancorp owns 65,200 Shares.Jack Muir
and Rick Wlodarczak own or control an aggregate of 43,000 Shares.Messrs. Muir
and Wlodarczak are officers of Nova Bancorp and its affiliates.
Vote against the Arrangement using the form of proxy or voting instruction
provided by Pace. Shareholders may subsequently revoke such proxy in any
manner permitted by law. If you have previously voted on the form of proxy or
voting instruction form sent to you by Pace, you may revoke your vote by
voting on the internet, by fax, by mail or over the telephone (as available).
Only your latest dated form of proxy or voting instruction form will be
The address of Pace Oil & Gas Ltd. is 1700, 250-2 Street S.W., Calgary,
Alberta T2P 0C1.
Nova Bancorp is a member of Nova Bancorp Group (www.novabancorp.com), a
private investment company based in Vancouver.Nova Bancorp has considerable
experience with oil & gas investments and with shareholder activist
Certain statements in this press release contain forward-looking information
within the meaning of applicable securities laws in Canada ("forward-looking
information"). The words "anticipates," "believes," "budgets," "could,"
"estimates," "expects," "forecasts," "intends," "may," "might," "plans,"
"projects," "schedule," "should," "will," "would" and similar expressions are
often intended to identify forward-looking information, although not all
forward-looking information contains these identifying words.
The forward-looking information in this press release includes, but is not
limited to: the timing and holding of the Pace meeting and the future
prospects of Pace.
In connection with the forward-looking information contained in this news
release, Nova Bancorp has made numerous assumptions. While Nova Bancorp
considers these assumptions to be reasonable, these assumptions are inherently
subject to significant uncertainties and contingencies. Additionally, there
are known and unknown risk factors which could cause actual results,
performance or achievements to be materially different from any future
results,performance or achievements expressed or implied by the
forward-looking information contained herein.
All forward-looking information in this press release is qualified in its
entirety by this cautionary statement and, except as may be required by law,
Nova Bancorp undertakes no obligation to revise or update any forward-looking
information as a result of new information, future events or otherwise after
the date hereof.
CONTACT: Jack Muir
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