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2020 Canadian Public Energy M&A Review (FINAL)

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Lawson Lundell LLP 27 Approval Mechanics 16. What time was allowed to prepare and mail the Target's circular for the meeting to approve the transaction? (a) As promptly as possible (88%) (b) Within 30 days of signing (12%) 17. How long after the date of the transaction agreement must the meeting to approve the transaction be held? (a) Not specified (6%) (b) Within 1 month (10%) (c) Within 2 months (27%) (d) Within 3 months (10%) (e) Within 4 months (2%) (f) As soon as reasonably practical (45%) 18. Can the Purchaser require the Target to adjourn the meeting in respect of approving the transaction? (a) No (73%) (b) Yes (27%) 19. Can the Purchaser force a vote of the Target's securityholders on the approval of the transaction whether or not a superior proposal has been made? (a) No (93%) (b) Yes (7%) 20. Where applicable, were optionholders or any other parties entitled to vote at the meeting to approve the transaction? (a) No (74%) (b) Yes (26%)

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