07:41 AM EDT, 07/31/2024 (MT Newswires) -- High Arctic Energy Services ( HGHAF ) on Wednesday updated a previously announced reorganization to separate its North American and Papua New Guinea businesses.

The company had been aiming to complete the separation by July 31, but now says that won't be possible.

Shareholders approved the separation, along with a distribution of $0.76 per share dividend, at the annual general and special meeting held on June 17.

On June 27, the Court of King's Bench of Alberta granted its final order approving of the separation, and the dividend was distributed to shareholders on July 17, 2024.

High Artic received conditional approval from the Toronto Stock Exchange for the listing of the new High Arctic common shares to be issued concurrently with completion of the separation.

The Corporation remains engaged with the TSXV and expects to receive conditional approval from the TSXV for the initial listing of the SpinCo Common Shares. The Arrangement and the listing of the New High Arctic Common Shares remain subject to the final approval of the TSX.

As at the closing of the Arrangement, each shareholder will receive one-quarter of one (1/4) SpinCo Common Share and one-quarter of one (1/4) New High Arctic Common Share for each current common share of High Arctic.

The Corporation will continue to update shareholders and other interested parties of the progress towards approval from the TSXV for the initial listing of SpinCo Common Shares and the completion of the Arrangement.