Dynex Power Inc. Receives Court Approval of the Previously Announced Plan of Arrangement
Toronto, ON, Canada, March 14, 2019 – Dynex Power Inc. (“Dynex” or the “Company”) (TSXV: DNX) today announces that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced Plan of Arrangement under the Canada Business Corporations Act pursuant to which Zhuzhou CRRC Times Electric Co., Ltd. will acquire all of the issued and outstanding common shares of Dynex it does not already own for $0.65 in cash per common share.
The Arrangement was previously approved at a special meeting of shareholders of Dynex held on March 11, 2019.
Dynex expects that the Arrangement will be completed on March 15, 2019 following the fulfillment of certain closing conditions, not otherwise waived, which are customary in transactions of this nature.
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 completion of the Arrangement. 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.
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