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BRIEF-Canadian Oil Sands issues declaration of Independence

Published 2016-01-04, 06:06 a/m
BRIEF-Canadian Oil Sands issues declaration of Independence
COS
-

Jan 4 (Reuters) - Canadian Oil Sands Ltd COS.TO :
* Issues declaration of Independence
* Issued declaration "that shareholders' interests are best served by remaining
independent"
* Co "wasn't looking to sell itself, and suncor's opportunistic bid does not
make US conclude that we should now"
* Board continues to take steps to lower costs including reduction in number
and pay of directors and level of g&a expense at cos
* Board considered range of alternatives against Suncor offer, including
full/partial sale to other parties, and royalty financing
* Target for 2016 is "a 20 percent reduction to better align with syncrude cost
reductions" and current oil prices
* Says "cos has the financial resources to weather the current downturn"

* Source text for Eikon ID:nPnbTTFxK

* Further company coverage COS.TO

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