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SDX Energy PLC - London-based oil and gas company - Receives letter from shareholder Aleph Commodities Ltd, which holds 25.7% stake in firm, that it intends to vote against agreed all-share merger with Canada-headquartered Tenaz Energy Corp.
The letter from Aleph adds: ‘Aleph welcomes the opportunity to engage with management and the board of directors to explore opportunities to provide financial, commercial and technical support to SDX to ensure the growth of the company and its production base, with minimal dilution.’
Shareholder vote is scheduled to be July 29.
In May, SDX agreed to be acquired by Tenaz Energy in a deal valuing SDX at £21.4 million. SDX shareholders will receive 0.075 of a Tenaz share for each SDX share. SDX shareholders to hold a 36% stake in Tenaz upon completion.
SDX previously says its own assets - particularly in Egypt and Morocco - are ‘well suited to Tenaz's stated objectives’.
Current stock price: 10.50 pence, down 1.2% on Monday
12-month change: down 31%
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