PHILADELPHIA, May 2, 2014 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today the commencement of an offer to purchase up to 22,600 shares of its outstanding common stock at a purchase price of $265.50 per share (the "Offer"). The Offer is being made on the terms and subject to the conditions set forth in the Purchase Offer Memorandum being mailed to all shareholders. The Offer will expire at midnight, Eastern time, on June 13, 2014, unless earlier terminated or extended by the Company.
The Company's Board of Directors has approved the Offer. However, neither the Company's Board nor its management makes any recommendation regarding how shareholders should respond to the Offer.
This announcement is not a recommendation, an offer to purchase or a solicitation to sell any securities of the Company. The Offer is being made only by a Purchase Offer Memorandum, a related Letter of Transmittal and other documents that the Company has begun distributing to shareholders as of May 2, 2014. Shareholders should read carefully the Purchase Offer Memorandum and related materials because they contain important information, including various terms and conditions of the Offer, and should consult their own investment and tax advisors.
This press release may contain certain forward-looking statements, including statements with regard to future events or the future performance or operation of the Company. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: changes in the economy, risks associated with possible disruption in the Company's operations or the economy generally due to terrorism or natural disasters, future changes in laws or regulations and conditions in the Company's operating area, the ability to complete the Offer, and the price at which shares of common stock may trade on the over-the-counter market in the so-called "pink sheets", which may be higher or lower than the purchase price in the Offer. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Pardee Resources Company