Synex Renewable Energy Corporation Files Circular for Special Meeting of Shareholders and Announces Receipt of Interim Court Order for Plan of Arrangement
Synex Renewable Energy has filed its management information circular for a special shareholder meeting scheduled for May 27, 2025, in Toronto. The meeting concerns a proposed arrangement agreement with Sitka Power, where Sitka will acquire all outstanding common shares at C$2.40 per share in cash.
The arrangement requires approval from:
- Two-thirds of shareholder votes at the meeting
- Majority approval from minority shareholders
The board of directors unanimously recommends shareholders vote FOR the arrangement. Upon completion, Synex will be delisted from the Toronto Stock Exchange and become a wholly-owned subsidiary of Sitka Power. The deal is expected to close in the second half of 2025, subject to regulatory approvals from the British Columbia Utilities Commission and BC Hydro and Power Authority, along with final court approval.
Synex Renewable Energy ha presentato la sua circolare informativa per la riunione straordinaria degli azionisti prevista per il 27 maggio 2025 a Toronto. La riunione riguarda una proposta di accordo di ristrutturazione con Sitka Power, in cui Sitka acquisirà tutte le azioni ordinarie in circolazione al prezzo di 2,40 C$ per azione in contanti.
L'accordo richiede l'approvazione di:
- Due terzi dei voti degli azionisti presenti alla riunione
- La maggioranza degli azionisti di minoranza
Il consiglio di amministrazione raccomanda all'unanimità agli azionisti di votare a FAVORE dell'accordo. Al completamento, Synex sarà esclusa dalla Borsa di Toronto e diventerà una controllata interamente posseduta da Sitka Power. L'operazione è prevista per la seconda metà del 2025, subordinata alle approvazioni normative della British Columbia Utilities Commission e di BC Hydro and Power Authority, oltre all'approvazione finale del tribunale.
Synex Renewable Energy ha presentado su circular informativa para la reunión especial de accionistas programada para el 27 de mayo de 2025 en Toronto. La reunión trata sobre un acuerdo de arreglo propuesto con Sitka Power, donde Sitka adquirirá todas las acciones comunes en circulación a 2,40 C$ por acción en efectivo.
El arreglo requiere la aprobación de:
- Dos tercios de los votos de los accionistas en la reunión
- Aprobación mayoritaria de los accionistas minoritarios
El consejo de administración recomienda unánimemente a los accionistas votar A FAVOR del arreglo. Al completarse, Synex será retirada de la Bolsa de Valores de Toronto y se convertirá en una filial de propiedad total de Sitka Power. Se espera que la operación se cierre en la segunda mitad de 2025, sujeta a las aprobaciones regulatorias de la Comisión de Servicios Públicos de Columbia Británica y BC Hydro and Power Authority, junto con la aprobación final del tribunal.
Synex Renewable Energy는 2025년 5월 27일 토론토에서 예정된 특별 주주총회를 위한 경영진 정보 서한을 제출했습니다. 이번 회의는 Sitka Power와의 합병 계약 제안에 관한 것으로, Sitka는 모든 발행된 보통주를 주당 2.40 캐나다 달러 현금으로 인수할 예정입니다.
이 합병은 다음의 승인을 필요로 합니다:
- 총회에서 주주 투표의 3분의 2
- 소수 주주의 과반수 승인
이사회는 만장일치로 주주들이 이 합병에 찬성 투표할 것을 권고합니다. 완료 시 Synex는 토론토 증권거래소에서 상장 폐지되며 Sitka Power의 완전 자회사가 됩니다. 이 거래는 2025년 하반기에 완료될 예정이며, 브리티시컬럼비아 공공위원회와 BC Hydro and Power Authority의 규제 승인 및 최종 법원 승인을 조건으로 합니다.
Synex Renewable Energy a déposé sa circulaire d'information à l'intention de la direction pour une assemblée extraordinaire des actionnaires prévue le 27 mai 2025 à Toronto. La réunion concerne une proposition d'accord d'arrangement avec Sitka Power, dans le cadre de laquelle Sitka acquerra toutes les actions ordinaires en circulation au prix de 2,40 C$ par action en espèces.
L'arrangement nécessite l'approbation de :
- Deux tiers des votes des actionnaires lors de la réunion
- Une majorité d'approbation des actionnaires minoritaires
Le conseil d'administration recommande à l'unanimité aux actionnaires de voter POUR l'arrangement. Une fois finalisé, Synex sera radiée de la Bourse de Toronto et deviendra une filiale détenue à 100 % de Sitka Power. La transaction devrait être conclue au second semestre 2025, sous réserve des approbations réglementaires de la British Columbia Utilities Commission et de BC Hydro and Power Authority, ainsi que de l'approbation finale du tribunal.
Synex Renewable Energy hat seinen Management-Informationskreis für eine außerordentliche Hauptversammlung der Aktionäre eingereicht, die für den 27. Mai 2025 in Toronto geplant ist. Die Versammlung betrifft eine vorgeschlagene Vereinbarungsvereinbarung mit Sitka Power, bei der Sitka alle ausstehenden Stammaktien zu 2,40 C$ pro Aktie in bar erwerben wird.
Die Vereinbarung erfordert die Zustimmung von:
- Zwei Dritteln der Aktionärsstimmen auf der Versammlung
- Mehrheitliche Zustimmung der Minderheitsaktionäre
Der Vorstand empfiehlt den Aktionären einstimmig, FÜR die Vereinbarung zu stimmen. Nach Abschluss wird Synex von der Toronto Stock Exchange delistet und eine vollständig im Besitz von Sitka Power befindliche Tochtergesellschaft. Der Abschluss des Geschäfts wird für die zweite Hälfte des Jahres 2025 erwartet, vorbehaltlich der behördlichen Genehmigungen der British Columbia Utilities Commission und BC Hydro and Power Authority sowie der endgültigen gerichtlichen Genehmigung.
- Shareholders to receive C$2.40 cash per share in acquisition deal
- Board and independent special committee unanimously recommend the arrangement
- Acquisition will provide immediate liquidity for shareholders
- Company will be delisted from Toronto Stock Exchange after completion
- Shareholders will lose future upside potential in renewable energy sector
- Deal completion subject to multiple regulatory approvals, creating execution risk
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2025) - Synex Renewable Energy Corporation (TSX: SXI) ("Synex" or the "Company"), announced today that it has filed and commenced mailing its management information circular (the "Circular") and related materials for its special meeting (the "Meeting") of the holders ("Shareholders") of common shares ("Common Shares") to be held on May 27, 2025, at 12:00 p.m. (Toronto time), at the offices of Dentons Canada LLP located at 77 King Street West, Suite 400, Toronto, Ontario, M5K 0A1. Synex also announces that the Supreme Court of British Columbia (the "Court") has granted an interim order dated April 24, 2025, providing for the calling and holding of the Meeting and other procedural matters relating to the Arrangement (as defined herein).
The Meeting
At the Meeting, Shareholders will be asked to consider and vote on a special resolution (the "Arrangement Resolution") approving the previously announced statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia) (the "Arrangement"), subject to the terms and conditions of an arrangement agreement dated March 27, 2025, as amended (the "Arrangement Agreement"), entered into between Synex and Sitka Power Inc. ("Sitka").
Under the terms of the Arrangement Agreement, Sitka will acquire all of the issued and outstanding Common Shares, with each Shareholder receiving C
For the Arrangement to become effective, the Arrangement Resolution must first be approved at the Meeting by: (i) at least two-thirds of the votes cast by Shareholders at the Meeting; and (ii) a majority of the votes cast by Shareholders at the Meeting (excluding the votes cast by persons whose votes may not be included in determining minority approval of a "business combination" in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions).
The board of directors of the Company (the "Board") and the independent special committee of the Board unanimously recommend that Shareholders vote FOR the Arrangement Resolution.
The Circular provides important information about the Arrangement, as well as related matters, including voting procedures and instructions for Shareholders unable to attend the Meeting. Shareholders are urged to read the Circular and its appendices carefully and in their entirety. The Circular is available under the Company's profile on SEDAR+ at www.sedarplus.ca.
Subject to obtaining the requisite Shareholder approval for the Arrangement, receipt of all required regulatory approvals relating to the Arrangement, including from the British Columbia Utilities Commission and British Columbia Hydro and Power Authority, and the satisfaction of other customary closing conditions, including final approval of the Court, all as more particularly described in the Circular, the Arrangement is expected to close during the second half of 2025.
About Synex Renewable Energy Corporation
Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 11 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 16 wind development sites that could provide up to 4,700 MW of clean power in British Columbia.
For further information, visit www.synex.com.
About Sitka Power Inc.
Sitka is a small scale Canadian renewable energy developer and independent power producer, headquartered in Calgary, Alberta, who is active in British Columbia, Alberta, Saskatchewan, and Ontario.
For further information, visit www.sitka-power.ca.
Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Such forward-looking information or statements ("FLS") are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the proposed timing and various steps contemplated in respect of the Arrangement, the holding of, and approval by the Shareholders of the Arrangement at, the Meeting and the results of the completion of the Arrangement, the likelihood that the Arrangement will be consummated, receipt of required regulatory and Court approvals, payment of the Cash Consideration, the possibility of any termination of the Arrangement Agreement in accordance with its terms, and delisting of the Common Shares.
FLS is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such FLS is reasonable, undue reliance should not be placed on FLS because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such FLS include, without limitation, the following factors, many of which are beyond the Company's control and the effects of which can be difficult to predict: (a) the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required Shareholder, Court and regulatory approvals and other conditions of closing necessary to complete the Arrangement or for other reasons; (b) the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Arrangement; (c) risks relating to the abilities of the parties to satisfy conditions precedent to the Arrangement; (d) a third party superior proposal materializing prior to the completion of the Arrangement; (e) credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Arrangement, including changes in economic conditions, interest rates or tax rates; (f) changes and trends in the Company's industry and the global economy; and (g) the identified risk factors included in the Company's public disclosure, including the annual information form dated September 27, 2024, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca. If any of these risks or uncertainties materialize, or if the assumptions underlying the FLS prove incorrect, actual results or future events might vary materially from those anticipated in the FLS. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in FLS, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such FLS. The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice.
Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise, except as required under applicable securities laws. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review the Company's continuous disclosure filings that are available under the Company's profile at www.sedarplus.ca.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The TSX accepts no responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation
4248 Broughton Ave., Niagara Falls, Ontario L2E 0A4
Phone (905) 329-5000
daniel.russell@synex.com
Sitka
Trevor White
President & CEO, Sitka Power Inc.
639 5 Ave SW #1050, Calgary, Alberta T2P 0M9
Phone (403) 999-8781
twhite@sitka-power.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250112
FAQ
What is the buyout price for Synex Renewable Energy (SYITF) shares in the Sitka Power acquisition?
When is the Synex Renewable Energy (SYITF) shareholder vote for the Sitka Power acquisition?
What approvals are needed for the Synex Renewable Energy (SYITF) and Sitka Power merger?
When will the Synex Renewable Energy (SYITF) and Sitka Power deal close?
Will Synex Renewable Energy (SYITF) remain listed on the Toronto Stock Exchange after the merger?
