ALDERSYDE, Alta. — The Mullen Group Income Fund recently received approval from Alberta’s court system, officially completing the previous Plan of Arrangement with Producers Oilfield Services.
Pursuant to the arrangement, all of the outstanding common shares of Producers Oilfield Services were indirectly acquired by Mullen and approximately 82.5 per cent of the shares and 100 per cent of the share purchase warrants of Horizon North Logistics were distributed to the registered holders of trust units of Mullen at the close of business on June 1.
Horizon is a marine transportation, camp/catering and logistics services company that provides support services to oil and gas exploration and production companies, oilfield services companies and mining companies on oil sand projects and throughout Canada’s northern regions.
Mullen now has a market capitalization value of approximately $2.6 billion, which is expected to result in improved liquidity for holders of Units. The transaction increases Mullen’s leverage to oil and gas drilling activity in Canada, an industry that Mullen believes will continue to be strong.
The Mullen senior management team is now led by Murray Mullen as Chairman, Stephen Lockwood as president and Co-CEO, Pat Powell as Co-CEO, Bruce Mullen as senior vice-president and David Olson as vice-president, finance and CFO. The Mullen board of directors is now comprised of Murray Mullen (Chairman), Alan Archibald, Greg Bay, Dennis Hoffman, Stephen Lockwood, Bruce Simpson, Ric Peterson and Pat Powell.
The Horizon management team is led by Ric Peterson (the former CEO of Producers) as chairman and CEO, Robert J. Hunt as president and Bob German (the former vice-president, finance and CFO of Producers) as vice-president, finance and CFO. The Horizon board of directors is comprised of Ric Peterson (Chairman), Bruce Mullen, Gary Warren, Dean Swanberg, Russell Newmark, Ethel Blondin-Andrew and John Mattson.
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