MEG Announces Shareholder Approval for Cenovus Transaction

Executive Summary

• MEG Energy Corp. shareholders approved the previously announced plan of arrangement with Cenovus Energy Inc., with 86.15% voting in favour.
• The transaction is expected to close shortly after a final court order application scheduled for mid‑November 2025.
• No remaining objections have been filed; the “majority of the minority” vote requirement was satisfied.

Key Details

• Shareholder Vote: 86.15% of votes cast approved the Transaction Resolution; 83.35% approval after excluding Strathcona Resources Ltd. and related parties (the “Minority Vote”).
• Regulatory Requirement: The “majority of the minority” vote was met in accordance with Multilateral Instrument 61‑101.
• Closing Timeline: MEG will file a final order application with the Court of King's Bench of Alberta in mid‑November; closing is expected shortly thereafter, subject to court approval and customary conditions.
• Opposition: A previously filed notice of intention to appear at the Final Order Application has been resolved amicably; no other objections have been received.
• Forward‑Looking Statements: The release includes typical cautionary language regarding risks to transaction completion, including court approval, satisfaction of closing conditions, and potential litigation impacts.

Notable Quotes

(No direct quotes were provided in the release.)