Perry Corp. and Richard C. Perry

October 31, 2011 18:23 ET

Holdings in North American Energy Partners Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2011) - Perry Corp. and Richard C. Perry (the "Reporting Parties") announce that George Brokaw resigned from his position as an employee of Perry Corp. and its affiliates, effective October 31, 2011. Mr. Brokaw serves as a director of the North American Energy Partners Inc. (the "Issuer").

The Reporting Parties may be considered to have control or direction over an aggregate 4,598,466 voting common shares of the Issuer ("Common Shares"), representing approximately 12.69% of the issued and outstanding Common Shares, based on a total of 36,249,086 Shares outstanding as of August 22, 2011 (pursuant to the Issuer's Management Information Circular, filed on August 22, 2011).

The Reporting Parties expect to evaluate on an ongoing basis the Issuer's financial condition, business, operations and prospects, the market price of the Common Shares, conditions in the securities markets generally, general economic and industry conditions and other factors. In connection with such review, the Reporting Parties from time to time may enter into discussions with current and potential shareholders, directors, and officers of the Issuer. Depending on such review, and subject to the conditions below, the Reporting Parties may make additional purchases or may sell or transfer Common Shares over which they may be considered to have control or direction from time to time in public or private transactions and/or may enter into privately negotiated derivative transactions with institutional counterparties to hedge the market risk of some or all of their positions in the Common Shares or other securities and/or may cause any of the Perry Entities (as defined below) to distribute in kind to their respective partners or shareholders, as the case may be, Common Shares or other securities. Any such transactions may be effected at any time or from time to time subject to any applicable limitations imposed on the sale of the Common Shares by applicable law.

Each of the Reporting Parties may, at any time and from time to time, review or reconsider their position and formulate such plans or proposals.

Richard C. Perry is the President, sole shareholder and sole director of Perry Corp., which is the investment manager of Perry Partners International, Inc. and the managing general partner of Perry Partners, L.P. Perry Partners International, Inc. is the indirect sole shareholder of the Common Shares owned by Perry Luxco S.A.R.L. As such, the Filing Parties may be considered to exercise control or direction over the Common Shares beneficially owned by Perry Luxco S.A.R.L., Perry Partners, L.P. and Perry Partners International, Inc. (collectively, the "Perry Entities"). The Filing Parties disclaim any beneficial ownership over such Common Shares, except to the extent of their pecuniary interest, if any, therein.

The address of Perry Partners, L.P. is 767 Fifth Avenue, 19th Floor, New York, New York, USA 10153.

The address of Perry Partners International, Inc. is c/o CITCO (B.V.I.) Limited, Citco Building, Wickhams Cay, P.O. Box 662, Road Town, Tortola, British Virgin Islands.

The address of Perry Luxco S.A.R.L. is Carre Bonn, 20 Rue de la Poste, L-2346 Luxembourg.

A copy of the early warning report filed by the Reporting Parties under applicable Canadian securities laws in connection with the information in this press release may be obtained from Michael Neus, General Counsel of Perry Corp., at (212) 583-4123.

Contact Information

  • General Counsel of Perry Corp.
    Michael Neus
    (212) 583-4123