Camber Energy Subsidiary Simson-Maxwell Amalgamates with T&T Power Group
Camber Energy, Inc. announced that its wholly-owned subsidiary Viking Energy Group, Inc.'s minority-owned subsidiary, Simson-Maxwell Ltd., completed an amalgamation with T&T Power Group Inc. on June 1, 2026. The new entity, named T&T Power Group Inc., continues Simson's business operations. As a result of the amalgamation, Viking's 49% interest in Simson was converted into 5,750,000 non-voting Class A Preference Shares in the Amalgamated Corporation, while T&T's sole shareholder, Tyler Van Dyke, holds 100% of the voting interest. The agreement includes specific redemption and retraction rights for Viking's preferred shares, with prices ranging from approximately US$4.15 million to US$6.15 million depending on the timing and conditions. Camber Energy will no longer consolidate Simson's financial results, instead accounting for the investment at fair value.
Key Highlights
- Simson-Maxwell Ltd., a subsidiary of Camber Energy's Viking Energy Group, amalgamated with T&T Power Group Inc. on June 1, 2026.
- The amalgamated entity operates under the name "T&T Power Group Inc." and continues Simson's former business.
- Viking's 49% ownership in Simson was converted into 5,750,000 Class A Preference Shares in the Amalgamated Corporation, representing 0% voting interest.
- Tyler Van Dyke, sole shareholder of T&T, holds 100,000 Class A Common Shares, representing 100% voting interest.
- The Amalgamated Corporation may redeem Viking's shares for CDN$5,750,000 (approx. US$4,154,000) by March 31, 2028.
- After March 31, 2028, the redemption price increases to CDN$7,750,000 (approx. US$5,599,000).
- Viking can retract shares for CDN$7,750,000 after March 31, 2028, or CDN$8,520,000 (approx. US$6,155,000) if deferred.
- Viking Preferred Shares rank in priority for dividends, redemption, and liquidation.
- Camber Energy ceased to consolidate Simson's financial results and now accounts for its investment at fair value.
Price Impact
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