From GlobeNewswire: 2024-05-11 10:11:14

High Arctic Energy Services Inc. has announced a reorganization plan to separate its North American and Papua New Guinea businesses. Shareholders will receive SpinCo Common Shares and post-Arrangement High Arctic common shares, with the goal of enhancing value for shareholders. Strategic rationale includes creating value for shareholders and increasing opportunities for High Arctic in Canadian M&A activity. Benefits to shareholders include better market identification and valuation of each company, access to independent capital, and tax efficiency. The Board and management of both High Arctic and SpinCo have been restructured, with changes to the Board and management teams. The Arrangement is subject to shareholder, court, and regulatory approvals, with completion expected around July 31, 2024.



Read more at GlobeNewswire: High Arctic Announces Reorganization to Create Two Energy