TENAZ ENERGY CORP. ANNOUNCES TERMINATION OF SDX ENERGY PLC ACQUISITION

About this update from Tenaz Energy Corp

[{"type":"text","content":"\n \n \n \n TENAZ ENERGY CORP. ANNOUNCES TERMINATION OF SDX ENERGY PLC ACQUISITION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n . FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF\n \n UNITED STATES\n \n SECURITIES LAW./\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n July 29, 2022\n \n \n /CNW/ - Tenaz Energy Corp. (\"\n \n Tenaz\n \n \", \"\n \n we\n \n \", \"\n \n our\n \n \", \"\n \n us\n \n \" or the \"\n \n Company\n \n \") (TSX: TNZ) would like to provide an update regarding the proposed acquisition of SDX Energy Plc (\"\n \n SDX\n \n \").\n \n \n \n \n \n \n \n \n \n Earlier today, SDX announced the results of its Meeting of Shareholders to consider the Scheme of Arrangement (the \"\n \n Scheme\n \n \") to amalgamate Tenaz and SDX. As a percentage of issued and outstanding SDX shares, 20.2% voted in favor with 21.6% against the Scheme at the SDX meeting. SDX had earlier announced, as reflected in a press release by Tenaz on\n \n July 18, 2022\n \n , that a shareholder group representing 25.7% of the issued and outstanding shares of SDX intended to vote against the Scheme. 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.\n \n \n 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.\n \n \n As announced on\n \n July 18, 2022\n \n , 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. W...

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