Tenaz Energy Corp announced it has terminated the proposal of acquiring SDX Energy company after 20.2% of issued and outstanding shares have voted in favor with the proposal while 21.6% refused the Scheme at the SDX meeting.
“The results of the vote, as represented by SDX, did not meet the required threshold of 75% of voted shares in favour of the Scheme, ” according to the company’s statement.
“As of today, approximately 43% of the issued and outstanding shares of Tenaz had been voted on our Share Issuance Resolution regarding the proposed combination. Of the voted Tenaz shares, 99.995% were in favor of the resolution. However, based on the results of the SDX vote, Tenaz will no longer hold its Special Meeting of Shareholders, which had been scheduled for this afternoon. Consequently, the Share Issuance Resolution will not come into effect, and there will be no resulting share issuance,” the company said in its statement.
As announced on July 18, 2022, Tenaz had reserved the right to elect to implement the transaction by way of a Takeover Offer in compliance with UK and Canadian regulatory requirements. “We have completed our evaluation of this alternative and have determined that it is not in the best interests of Tenaz shareholders to proceed with a Takeover Offer,” the statement added.