Third Point LLC

September 28, 2005 19:50 ET

Third Point LLC Reports Transeuro Energy Corp. Investment

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 28, 2005) - Third Point LLC, a Delaware limited liability company ("Third Point"), is the investment manager or adviser to a variety of hedge funds and managed accounts.

Third Point announces that it has acquired, by way of private placement (the "Transaction"), deemed beneficial ownership of and control over, 2,127,660 units of Transeuro Energy Corp. ("Transeuro"). Each unit is comprised of one common share of Transeuro and one-half of a share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles Third Point to purchase one additional common share of Transeuro at an exercise price of $2.75 per share on or before September 27, 2006. Transeuro is a reporting issuer in British Columbia and Alberta whose shares are posted and listed for trading on the TSX Venture Stock Exchange under the trading symbol "TSU".

As a result of this Transaction, Third Point acquired deemed beneficial ownership of and control over, 2,127,660 common shares of Transeuro, representing 3.87% of the issued and outstanding common shares of Transeuro as at the completion of the Transaction, plus 1,063,830 Warrants entitling Third Point to purchase an additional 1,063,830 common shares of Transeuro on or before September 27, 2006 at a price of $2.75 per share.

Combined with Third Point's previous holdings of Transeuro, Third Point now has deemed beneficial ownership of and control over 5,862,960 common shares of Transeuro, representing 10.23% of the issued and outstanding common shares of Transeuro as at the completion of the Transaction, plus an aggregate of 2,813,830 Warrants entitling Third Point to purchase an additional 1,750,000 common shares of Transeuro on or before February 23, 2005 at a price of $0.76 per share and 1,063,830 common shares of Transeuro on or before September 27, 2006 at a price of $2.75 per share.

If Third Point exercises the Warrants in full, then Third Point would beneficially own 8,676,790 common shares, representing 15.77% of the issued and outstanding shares of Transeuro as at the completion of the Transaction.

The securities were purchased by Third Point for investment purposes.

The issuance of this news release is not an admission that Third Point owns or controls any of the above described securities or is a joint actor with any of the other entities referred to.

For a copy of the full report filed in respect of this matter, please contact Justin Nadler at (212) 224-7400.

Contact Information

  • Third Point LLC
    Justin Nadler
    (212) 224-7400