Listing: TSX Venture Exchange
Approval Received to Issue Shares in Satisfaction of Debt
LINCOLN, England, Jan. 30 /CNW Telbec/ - Dynex Power Inc. ("Dynex")
announced today that the matters that came before the special meeting of
shareholders held on January 30, 2008 in Toronto were approved.
As disclosed previously, Dynex's wholly owned subsidiary, Dynex
Semiconductor Limited ("DSL"), has (pnds stlg)863,762 in convertible debt
outstanding to Mr. David Banks and Mr. Daniel Owen, each of whom is a director
of Dynex. Such debt was convertible at the lender's election into shares of
DSL. At the special meeting held on January 30, 2008 the shareholders of Dynex
approved the proposal that the convertible portion of these loans should
henceforth be convertible into common shares of Dynex at a fixed exchange rate
of Canadian $2.28 to (pnds stlg)1 Sterling and at a conversion price of
$0.1585 per share. Approximately 96.63% of the votes cast at the special
meeting were cast in favour of the proposal. Mr. Banks and Mr. Owen did not
vote any shares held directly or indirectly by them at the meeting.
Mr Banks has elected to convert (pnds stlg)289,666.67 of his loans into
4,166,814 shares of Dynex immediately and Mr Owen has elected to convert
(pnds stlg)144,833.33 of his loans into 2,083,407 shares of Dynex immediately.
The remaining portions of such loans shall be convertible at any time at the
option of the holder.
The TSX Venture Exchange previously provided conditional approval of this
conversion and the issuance of such shares remains conditional upon receipt of
final approval from the Exchange.
About the Company
Dynex is one of the world's leading independent suppliers of specialist,
high power semiconductor products. Dynex Semiconductor Ltd is its operating
business and is based in Lincoln, England in a facility housing the fully
integrated silicon wafer fabrication, assembly and test, sales, design and
development operations. Dynex designs and manufactures high power bipolar
discrete semiconductors, power modules, including insulated-gate bipolar
transistors (IGBTs), and high power electronic assemblies. Dynex products are
used world wide in power electronic applications including electric power
generation, transmission and distribution, marine and rail traction drives,
aircraft, electric vehicles, industrial automation and controls. The company
continues to produce and sell certain high reliability integrated circuits
(ICs) for use in specialist applications led by its proven radiation hard
Silicon-on-Sapphire products for space and nuclear applications.
The TSX-Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Press announcements and other information about Dynex are available on
the World Wide Web at http://www.dynexsemi.com.
For further information:
For further information: Dr. Paul Taylor, President and Chief Executive
Officer; Bob Lockwood, Finance Director and Chief Financial Officer, Dynex
Power Inc., +44 1522 500 500, firstname.lastname@example.org