Pan Orient Energy Corp.: Adoption of Advance Notice By-Law
CALGARY, ALBERTA--(Marketwired - Apr 8, 2015) - Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE:POE) announced today the adoption by its directors of an advance notice by-law establishing a framework for advance notice of nominations by shareholders for the election of directors.
The advance notice by-law is similar to by-laws adopted by many other Canadian public companies. It requires advance notice of nominations by shareholders of persons for election as directors and sets forth information that a shareholder must include in the notice for it to be valid. The advance notice by-law is intended to provide a transparent and fair process for nominating directors in connection with any annual or special meeting of shareholders.
Generally, for an annual meeting, including an annual and special meeting, of shareholders, notice to the Corporation must be given not less than 30 days prior to the date of the meeting. For a special meeting which is not also an annual meeting of shareholders, notice to the Corporation must be given not later than the 15th day following the day on which public announcement of the special meeting was made.
The advance notice by-law is effective immediately, but must be confirmed by ordinary resolution at the next meeting of shareholders, anticipated to take place in June 2015. If the by-law is rejected by shareholders, it will cease to be effective. The full text of the advance notice by-law can be found under the Corporation's profile on SEDAR at www.sedar.com.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
This press release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this press release includes references to the continued effectiveness of the advance notice by-law. By its very nature, the forward-looking information contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
