Petaquilla Minerals Down 4% as Plans for Panamanian Development Spinoff
Petaquilla Minerals Ltd. (PTQ.TO) is off about 4% this afternoon, sliding 3 cents to its low for the day at 67 cents a share after saying it has hired the law firm of Blake, Cassels & Graydon LLP to assist the company with the proposed spinout of its Panamanian Development and Infrastructure Ltd.
Petaquilla said it expects the spinout will be completed by way of a statutory Plan of Arrangement. Under a Plan of Arrangement, the Company will be seeking preliminary approval from the British Columbia Supreme Court followed by shareholder approval and final court approval.
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