The Toronto Stock Exchange reports that Gibson Energy Inc. subscription receipts will be listed at 5:01 p.m. on June 21, 2023, for trading at the open on June 22, 2023. According to the TSX, the listing will cover 20.01 million subscription receipts to be issued to the public at $20.15 per subscription receipt, pursuant to the prospectus supplement dated June 16, 2023, to the short form base shelf prospectus dated Aug. 16, 2021. The public offering is expected to close before the open on June 22, 2023. The subscription receipts will trade under the symbol GEI.R, in Canadian dollars and with Cusip No. 374825 12 3.

As stated in Gibson Energy's news release dated June 14, 2023, the company is acquiring membership interests of South Texas Gateway Terminal LLC for $1.1-billion (U.S.). Provided that the acquisition closing occurs prior to the termination time, each holder of a subscription receipt will be entitled to receive, without payment of additional consideration and without further action, for each subscription receipt held, one common share of Gibson Energy and a dividend equivalent payment, if any.

According to the TSX, if (i) the acquisition closing does not occur on or before 5 p.m. Toronto time on Dec. 14, 2023 (the deadline), (ii) the escrow release notice has not been delivered to the subscription receipt agent on or before the deadline, (iii) the acquisition agreement is terminated on or before the deadline, or (iv) the company announces to the public that it does not intend to proceed with the acquisition, each holder of a subscription receipt will be entitled to receive, for each subscription receipt held, an amount equal to the offering price plus a pro rata share of any earned interest, calculated from the closing date to, but excluding, the termination time, net of any applicable withholding taxes.

The TSX reports that provided that the acquisition closing occurs prior to the termination time, each holder of a subscription receipt will be entitled to receive, for each subscription receipt held, an amount equal to the amount per share of any cash dividends declared by the company on the shares to holders of record on a date during the period from, and including, the closing date to, but excluding, the acquisition closing date, net of any applicable withholding taxes (the dividend equivalent payment).

According to the TSX, the subscription receipts will be listed and posted for trading until the earlier of the acquisition closing or the termination time. The TSX will issue a further bulletin to confirm either the acquisition closing and/or the delisting of the subscription receipts.