Eagle Energy Trust

Eagle Energy Trust

June 03, 2015 18:31 ET

Eagle Energy Trust Reports Voting Results From Unitholders' Meeting and Adopts Rights Plan

CALGARY, ALBERTA--(Marketwired - June 3, 2015) - Eagle Energy Trust (the "Trust" or "Eagle") (TSX:EGL.UN) is pleased to report that, at its annual and special meeting of unitholders held today, the unitholders elected each of the nominees proposed by management as a director of Eagle Energy Inc. (the administrator of the Trust, referred to in this news release as the "Administrator"), reappointed PricewaterhouseCoopers LLP as the auditor of the Trust and approved the Trust's Unitholder Rights Plan.

Mr. Clark stated, "We respect and appreciate the views and opinions of our unitholders and thank them for their continued support. Through 2015, we have remained focused on the capital discipline and sustainability of our business and continue to work hard to find accretive acquisition opportunities both in Canada and the United States."

Election of Directors

The detailed results of the vote for the election of directors conducted by ballot are as follows:

Votes For Votes Withheld
Nominee Number Percentage Number Percentage
Richard Clark 3,775,049 99.59% 15,994 0.41%
David Fitzpatrick 3,786,283 96.33% 144,360 3.67%
Bruce Gibson 3,844,009 97.81% 86,034 2.19%
Joseph Blandford 3,787,805 96.37% 142,838 3.63%
Warren Steckley 3,840,360 97.70% 90,283 2.30%

Unitholder Rights Plan

Eagle has adopted a Unitholder Rights Plan (the "Rights Plan") to allow the board of directors of the Administrator (the "Board") to respond appropriately to an unsolicited take-over bid. The Rights Plan is intended to discourage coercive or unfair take-over bids and gives the Board time to pursue alternatives to maximize unitholder value, if appropriate, in the event of an unsolicited take-over bid.

Eagle is not adopting the Rights Plan in response to any specific proposal to acquire control of its outstanding units. The Rights Plan is similar to other plans recently adopted by several Canadian companies.

The rights issued under the Rights Plan will become exercisable only when a person, including any party related to it, acquires or announces its intention to acquire 20% or more of the outstanding units of the Trust without complying with the "Permitted Bid" provisions of the Rights Plan or without approval of the Board. Should such acquisition occur, each right will, upon exercise, entitle a right holder other than the acquiring person or related persons to purchase units of the Trust at a discount to the market price at the time.

Under the Rights Plan, a "Permitted Bid" is a bid made to all unitholders of the Trust and is open for acceptance for not less than 60 days. If, at the end of such 60 day period, at least 50% of the outstanding units, other than those owned by the offeror or certain related parties, have been tendered, the offeror may take up and pay for the units but must extend the bid for a further 10 business days to allow other unitholders to tender. The Board has the discretion to defer the time at which the rights become exercisable and to waive the application of the Rights Plan.

The Rights Plan has received TSX final acceptance, is effective as of today and will continue in effect until the third annual meeting of unitholders following today's unitholders' meeting.

A copy of the Rights Plan will be available under the Trust's profile on SEDAR at www.sedar.com and on Eagle's website at www.eagleenergytrust.com.

About Eagle Energy Trust

Eagle is an oil and gas energy trust created to provide investors with a sustainable business while delivering stable production and overall growth through accretive acquisitions. Eagle's units are traded on the TSX under the symbol EGL.UN.

All material information about Eagle may be found on its website at www.eagleenergytrust.com or under Eagle's issuer profile at www.sedar.com.

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