Arawak Energy Limited provides shareholders with an update on the status of the pre-conditional cash offer made by Rosco S.A. (Rosco) for the entire issued share capital of Arawak.

Rosco, a subsidiary of Vitol Holding B.V., announced on 28 October 2008 that, subject to a pre-condition, it intended to make an offer for the entire issued and to be issued share capital of Arawak at a price of CAD $0.90 per share payable in cash. Vitol Holding B.V. and its subsidiaries currently own an aggregate of 75,668,399 shares representing 41.43% of the issued common shares in Arawak. These shares are held through Rosco, which holds 67,315,812 common shares, and Vitol B.V., which holds 8,352,587 common shares.

Subsequent to Rosco’s announcement, Arawak has announced the creation of a special committee of the Board of Directors to consider the Offer. The Special Committee has appointed RBC Capital Markets (RBC) as financial adviser and has also engaged Macquarie Capital Markets Canada Ltd (“Macquarie”) to conduct an independent valuation of the Company’s shares as required by applicable provincial securities laws in Canada.

Tags: Arawak Energy Corporation