Donnybrook and Donnycreek Energy Inc. et al. Class Action
Overview
In August 2013, Siskinds LLP and Jensen Shawa Solomon Duguid Hawkes LLP filed a class action against Donnybrook Energy Inc. (now known as Stonehaven Exploration Ltd.) ("Donnybrook"), Donnycreek Energy Inc. (now known as Kicking Horse Energy Inc.) ("Donnycreek") and their current or former directors and officers in the Alberta Court of Queen's Bench.
The lawsuit relates to a plan of arrangement between Donnybrook and Donnycreek that was completed and approved by the Court of Queen's Bench of Alberta on November 4, 2011 whereby various assets of Donnybrook were transferred to Donnycreek (the "Arrangement"), as well as a private placement of Donnycreek shares on November 4, 2011 (the "Private Placement").
Certification
On January 22, 2015, Justice A.D. Macleod of the Alberta Court of Queen's Bench certified the action as a class proceeding. The Alberta court also approved a notice of certification and an opt out form. The opt out deadline for this class action was May 5, 2015.
Settlement (Subject to Court Approval)
In July 2015, the parties to the class action proceedings entered into a Settlement Agreement agreeing, among other things, for the full and final release of all claims and allegations made in the class action, by the establishment of a $5.5 million settlement fund. The settlement is subject to court approval. The settlement class comprises all persons and entities, wherever they may reside or be domiciled, who held shares of Donnybrook at the time of the Arrangement and received shares of Donnycreek through the Arrangement, other than (i) certain excluded persons (certain persons associated with the defendants and persons who purchased Donnycreek shares in the Private Placement), and (ii) persons who have previously opted out of the class action. The settlement is made without any admission of liability, wrongdoing or fault by the defendants.
Order Respecting Notice to the Class of Settlement Approval Application
On July 29, 2015, Justice A.D. Macleod of the Alberta Court of Queen's Bench approved an Order, which, among other things, approved the "Notice of Hearing of Application for Approval of Settlement in Donnybrook and Donnycreek Securities Class Action". The Application for Approval of the Settlement and Class Counsel's Fees will be heard before Justice Macleod on October 9, 2015 at 1:00 pm; class members have until September 21, 2015 to comment on, or object to, the approvals being sought.
Click the link below to see the full Notice of Hearing:
Click the link below to see the full July 29, 2015 Order:
On October 9, 2015, a settlement approval order was issued by the Alberta Court of Queen's Bench. In addition to approving the settlement, the court also approved a notice that provides information on how class members may file a claim, and approved a claim form.
Any inquiries relating to the class action may be directed to:
Nicole Young
Siskinds LLP
(800) 461-6166 (ext. 2380)
Nicole.young@siskinds.com