STEP Energy Services Ltd. Announces Approval of Arrangement by Shareholders

Executive Summary

• Shareholders approved a court‑approved arrangement under which ARC Energy Fund 8 and 2659160 Alberta Ltd. will acquire all outstanding STEP Energy Services common shares for $5.50 per share in cash.
• The transaction received 98.65% of votes cast (or 96.75% excluding certain protected shareholders) and is pending final court approval, with a hearing set for December 15, 2025 and expected closing on December 16, 2025.
• Upon completion, STEP’s shares will be delisted from the Toronto Stock Exchange, ending its public listing.

Key Details

• Arranger(s): ARC Energy Fund 8 (Canadian, U.S., International Limited Partnerships & ARC Capital 8 Ltd.) and 2659160 Alberta Ltd. (the “Purchaser Parties”).
• Purchase Price: $5.50 cash per share for all issued and outstanding shares not already owned by the Purchaser Parties.
• Shareholder Approval:
• 98.65% of votes cast in favor (including all virtual/proxy votes).
• 96.75% approval when excluding votes from protected minority shareholders under Multilateral Instrument 61‑101.
• Court Process: Arrangement subject to approval by the Court of King’s Bench of Alberta; hearing for final order scheduled December 15, 2025.
• Closing Conditions & Timeline:
• Subject to obtaining the Final Order and satisfaction/waiver of all arrangement conditions (as per agreement dated October 17, 2025).
• Anticipated completion December 16, 2025.
• Delisting: STEP’s common shares will be removed from the Toronto Stock Exchange immediately after closing.
• Management Contacts: Steve Glanville – President & CEO; Klaas Deemter – CFO (both listed for media inquiries).

Notable Quotes

(No direct quotes were provided in the release.)