Omnia asks TSX-V to deny or reprice Nordex going-private placement
VANCOUVER (miningweekly.com) – Johannesburg-based Omnia Holdings has submitted a letter to the TSX-V asking it to consider denying or repricing a proposed change-of-control transaction through which Société Anonyme d’Explosifs et de Produits Chimiques (EPC) intends to take Canadian firm Nordex Explosives private.
According to a statement published on Friday by Omnia, its application to the TSX-V was intended to highlight the fact that the Nordex directors were continuing to pursue EPC’s C$0.12-a-share private placement, when the current market price was in fact C$0.27.
Omnia stated that the Nordex board should postpone a special shareholder meeting scheduled for August 18, to allow its shareholders adequate time to consider what was best for Nordex, and to make an informed decision.
However, EPC on Thursday morning announced an increased offer price matching Omnia’s unsolicited, sweetened offer of C$0.25 a share.
"We believe this latest price increase by EPC Groupe further validates the board's belief that the EPC transactions are in the best interests of the company and its shareholders,” stated Nordex chairperson Jim O'Reilly .
Omnia on Friday maintained its current C$0.25-a-share offer price for all of the Nordex common shares, saying its offer was the only transaction available to Nordex shareholders that did not heavily dilute them, or risk leaving them as stranded minorities in a controlled subsidiary.
Nordex’s TSX-V-listed stock took off since announcing the going private transaction with EPC on June 15, rising 286% in the past three months to C$0.26 a share on Friday.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
