VANCOUVER, British Columbia, March 28, 2013 (GLOBE NEWSWIRE) -- Nova Bancorp Ltd. ("Nova Bancorp") today responded to the results of Tuesday's Special Meeting. Over the past two months, Nova Bancorp has spoken with many Pace Oil & Gas Ltd. ("Pace") shareholders who felt passionately about the potential of the company. Many have been Pace shareholders for a long time and did not believe that Pace's potential would be realized with the Arrangement. We share their disappointment in the outcome of the Special Meeting. We would also like to thank all Pace shareholders that provided us with support, advice and encouragement during this process.
"Ultimately, the time and resources available to the three companies, the five investment dealers and the three proxy solicitation firms allowed them to succeed in forcing through the proposed Arrangement," commented Nova Bancorp's Jack Muir. "By twice delaying the vote, they were able to change and tailor the message, targeting a small number of large Pace shareholders. This strategy coupled with deal fatigue and the uncertainty that comes with a proxy contest was enough to sway the vote in their favour by a very small, but sufficient margin," he added.
Nova Bancorp is a member of Nova Bancorp Group (www.novabancorp.com), a private investment company based in Vancouver. Nova Bancorp has considerable experience with oil & gas investments and with shareholder activist situations.