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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY ADOPTS RIGHTS PLANHOUSTON, August 1, 1997 - Swift Energy Company (NYSE, PCX: SFY) announced today that the Board of Directors has adopted a shareholder rights plan designed to protect shareholders against the consequences of abusive takeover tactics. The rights plan was not adopted in response to any effort by others to acquire control of the Company, and the Board is not aware of any such effort. Examples of such transactions that are not in the best interests of shareholders include a gradual accumulation of shares in the open market or a partial or two-tier tender offer that does not treat all shareholders equally, and other acquisition attempts which may unfairly pressure shareholders by coercing them to relinquish their investment, thus depriving the Company’s Board and shareholders of any real opportunity to determine the future of the Company and to realize the full value of the shareholders’ investment in the Company. The rights plan increases the Board’s ability to effectively represent the interests of shareholders and gives the independent directors a sound and reasonable means of doing so. To implement the shareholders rights plan, rights to purchase one one-thousandth of a share of a new Series A Junior Participating Preferred Stock of the Company will be distributed as a dividend at the rate of one right for each share of the Company’s Common Stock held of record on August 12, 1997. Rights are not exercisable until the Distribution Date (triggered only if certain events occur), are not detachable from the Company’s Common Stock and do not give any immediate value to shareholders. The rights will expire on July 31, 2007. Ten days after any person or group acquires 15% or more of the Company’s outstanding Common Stock or announces a tender offer for 15% or more of the Company’s outstanding Common Stock, the rights will become exercisable. Thereafter, upon certain triggers, each right (not owned by an acquirer) becomes exercisable for securities with a market value of two times the $150 exercise price. At any time prior to the time an acquiring person becomes such, the Board of Directors of the Company may redeem the rights in whole, but not in part, at a price of $.01 per right. Until a right is exercised or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company. Swift Energy Company is an independent oil and gas company engaged in the exploration, development, acquisition and operation of oil and gas properties, with a focus on U.S. onshore natural gas reserves. Founded in 1979 with headquarters in Houston, Texas, the Company has achieved an average compounded growth rate in proved oil and gas reserves of approximately 40% per year during the last five years, with reserves growth of 47% in 1996. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:13:05 AM. Copyright © 1994-2008 by Swift Energy Company. |
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