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PGHEF - Pengrowth Energy Corporation Enters Into A Peculiar Deal
Pengrowth Energy Corporation
Canadian Pengrowth Energy Corporation (OTCQX:PGHEF) (also trades in Canada where it's cheaper) announced it wants to be acquired by Cona Resources Ltd. (a private company). The equity gets a few cents per share (declined 75% on the announcement), but even the creditors are taking a hit. Quite an unusual merger announcement.
But it got weirder because shareholders receive “a potential Contingent Value Payment” for each share. If shareholders cooperate (there is one big billionaire bagholder who is not publicly supporting this; potentially indicating he is against). He wrote a book too; Get Smarter;