On February 25, 2013, Nexen announced that CNOOC Limited completed the acquisition of Nexen. Pursuant to the Plan of Arrangement, the holders of Nexen common shares will receive cash proceeds of US$27.50 without interest and holders of Nexen preferred shares will receive cash proceeds of CAD$26.00 plus accrued and unpaid dividends up to, but excluding, the closing date of the arrangement, without interest.
In order for registered common shareholders to receive the cash consideration that they are entitled to, they must complete the Letter of Transmittal which has been mailed to them and is available on this website. The Letter of Transmittal (PDF 0.4MB) outlines the necessary documentation required to be sent to Equity Financial Trust Company, as depositary, by registered Nexen common shareholders. This process ensures registered shareholders receive the consideration to which they are entitled in exchange for Nexen common shares.
Only registered shareholders holding Nexen common shares are required to submit a Letter of Transmittal together with accompanying share certificates representing their common shares. The details of the procedures for depositing and delivering Nexen common share certificates are set out in the Letter of Transmittal.
Beneficial shareholders holding Nexen common shares are advised to contact their broker for more information.
As CDS & Co. is the sole registered holder of Nexen preferred shares, preferred shareholders do not need to submit a letter of transmittal. Preferred shareholders are reminded to contact their broker, investment dealer, bank, trust company, custodian or other nominee through which they hold their Nexen preferred shares if they have any questions concerning obtaining payment.
Further information on the procedures for surrendering Nexen common and preferred shares can be found in the Information Circular and Proxy Statement (PDF 0.7MB).