Pan Orient Energy Corp. (POE.V) announces that its board of directors has adopted a shareholder rights plan, effective immediately.
Shareholder ratification will be sought at Pan Orient's June 20, 2012 annual meeting. Pan Orient said it is not aware of any third party which is currently considering or preparing any proposal to acquire control of it.
Pan Orient also announced today that it has entered into an agreement for the sale of its operated 60% interest in Thailand Concessions L44/43, L33/43 and SW1 for a cash price of US$170 million plus approximately US$8 million for working capital and other adjustments. It is expected that net proceeds after costs and income tax will be approximately US$162 million.
Pan Orient's other interests in Thailand, consisting of its operated 100% interest in Concession L53/48, are being retained.