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Listing: TSX Venture Exchange
TORONTO, March 15, 2019 /CNW/ - Dynex Power Inc. ("Dynex" or the "Company") (TSXV: DNX) today announces the completion of the previously announced Plan of Arrangement under the Canada Business Corporations Act pursuant to which Zhuzhou CRRC Times Electric Co., Ltd. acquired all of the issued and outstanding common shares of Dynex it did not already own for $0.65 in cash per common share.
Consideration for the purchased common shares has been paid to Computershare Trust Company of Canada, as depositary under the Plan Arrangement. Under the Plan of Arrangement, Dynex shareholders who hold their common shares in registered form will receive payment of $0.65 in cash per common share following the delivery and surrender with the Depositary of their original certificates representing their Dynex common shares together with a letter of transmittal properly completed and executed, in accordance with the instructions contained in the letter of transmittal previously sent to registered shareholders (and any additional documents as the Depositary may reasonably require). Shareholders of Dynex who hold their common shares through a broker, dealer, bank, trust company or other intermediary should follow the instructions provided by such intermediary in order to receive payment of the consideration for their common shares.
It is expected that the Dynex common shares will be delisted from the TSX Venture Exchange shortly hereafter. Dynex also intends to apply to cease to be a reporting issuer in the applicable provinces of Canada.
About Dynex Power Inc.
Dynex designs and manufactures high power semiconductors, transistor modules and other electronic assemblies and components. The company's power products are used worldwide in power electronic applications including electric power transmission and distribution, renewable and distributed energy, marine and rail traction motor drives, aerospace, electric vehicles, industrial automation and controls and power supplies. Dynex Semiconductor Ltd. is its only operating business and is based in Lincoln, England. In 2008, a majority of the shares of Dynex were acquired by Zhuzhou CSR Times Electric Co., Ltd. In April 2016 this company changed its name to Zhuzhou CRRC Times Electric Co., Ltd.
About Zhuzhou CRRC Times Electric Co., Ltd.
Zhuzhou CRRC Times Electric Co., Ltd. is based in Hunan Province in the People's Republic of China. It is listed on the Hong Kong Stock Exchange. CRRC Times Electric is mainly engaged in the research, development, manufacture and sales of locomotive train power converters, control systems and other train-borne electrical systems, as well as the development, manufacturing and sales of urban railway train electrical systems. In addition, CRRC Times Electric is also engaged in the design, manufacturing and sales of electric components including power semiconductor devices for the railway industry, urban railway industry and non-railway purposes.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements include statements with respect to the delisting of the Dynex common shares from the TSX Venture Exchange and the application to cease to be a reporting issuer in the applicable provinces of Canada. The forward-looking statements included in this news release are made as of the date of this news release and neither Dynex nor TEC undertakes any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Dynex Power Inc.
For further information: Clive Vacher, President and Chief Executive Officer, Dynex Power Inc., Tel: +44 1522 500 500, Email: [email protected]