Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Inc. Announces Results Of Special Meeting of Shareholders
Approval Received to Issue Shares in Satisfaction of Debt
LINCOLN, England (January 30th, 2008) Dynex Power Inc. (“Dynex”)
announced today that the matters that came before the special meeting of
shareholders held on January 30, 2008 in Toronto were approved.
As
disclosed previously, Dynex’s wholly owned subsidiary, Dynex
Semiconductor Limited (“DSL”), has £863,762 in convertible debt
outstanding to Mr. David Banks and Mr. Daniel Owen, each of whom is a
director of Dynex. Such debt was convertible at the lender’s election
into shares of DSL. At the special meeting held on January 30, 2008 the
shareholders of Dynex approved the proposal that the convertible portion
of these loans should henceforth be convertible into common shares of
Dynex at a fixed exchange rate of Canadian $2.28 to £1 Sterling and at a
conversion price of $0.1585 per share. Approximately 96.63% of the votes
cast at the special meeting were cast in favour of the proposal. Mr.
Banks and Mr. Owen did not vote any shares held directly or indirectly
by them at the meeting.
Mr Banks has elected to
convert £289,666.67 of his loans into 4,166,814 shares of Dynex
immediately and Mr Owen has elected to convert £144,833.33 of his loans
into 2,083,407 shares of Dynex immediately. The remaining portions of
such loans shall be convertible at any time at the option of the holder.
The
TSX Venture Exchange previously provided conditional approval of this
conversion and the issuance of such shares remains conditional upon
receipt of final approval from the Exchange.
The TSX Venture Exchange
has provided conditional approval of this conversion and change in
conversion rights, the principal condition being the approval of the
Dynex shareholders.
Dr. Paul Taylor, President and Chief
Executive Officer said, “We are enthusiastic to submit this resolution
to our shareholders and very pleased that Daniel Owen and David Banks
agreed to it. We think the change in the basis of the conversion will
improve the marketability of our shares and the conversion will lower
our interest costs in the future.”
Further detail about
the proposed conversion and changes will be set out in the materials
sent to shareholders with the notice of special meeting.
About
the Company
Dynex is one of the world’s leading independent suppliers of specialist,
high power semiconductor products. Dynex Semiconductor Ltd is its
operating business and is based in Lincoln, England in a facility
housing the fully integrated silicon wafer fabrication, assembly and
test, sales, design and development operations. Dynex designs and
manufactures high power bipolar discrete semiconductors, power modules,
including insulated-gate bipolar transistors (IGBTs), and high power
electronic assemblies. Dynex products are used world wide in power
electronic applications including electric power generation,
transmission and distribution, marine and rail traction drives,
aircraft, electric vehicles, industrial automation and controls. The
company continues to produce and sell certain high reliability
integrated circuits (ICs) for use in specialist applications led by its
proven radiation hard Silicon-on-Sapphire products for space and nuclear
applications.
Press announcements and other information about
Dynex are available on the World Wide Web at http://www.dynexsemi.com.
All
monetary values expressed in this release are in Canadian dollars unless
stated otherwise.
The TSX Venture Exchange has neither
approved nor disapproved of the information in this press release.
For
more information:
Dr. Paul Taylor
President and Chief
Executive Officer
or
Bob Lockwood
Finance Director and
Chief Financial Officer
Dynex Power Inc.
Tel: UK +44 1522 500
500
Email: investorrelations@dynexsemi.com
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