SDX says new shareholders led by Aleph want to block Tenaz merger

Tenaz Energy

18/07/2022 10:01

July 18 (Reuters) - North Africa focused gas producer SDX
 SDX.L  said on Monday a new group of investors holding more
than a quarter of the company's capital and led by trading
company Aleph planned to oppose its planned merger with Canada's
Tenaz Energy  TNZ.TO .
    The deal, first announced in May, would value Egypt and
Morocco focused SDX at about 21.4 million pounds ($25.55
million).  urn:newsml:reuters.com:*:nL2N2XH0MS
    SDX said it had been advised in a letter from Aleph
Commodities Limited dated July 16 that Aleph on behalf of itself
and other parties holds 25.65% of SDX's issued share capital.
    "The letter also states that...the group of shareholders led
by Aleph intends to vote against the recommended all-share
combination with cash alternative between Tenaz and SDX."
    Shareholder meetings on the merger are planned for July 29.
    SDX also quoted Aleph as saying it would engage with SDX's
management "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."


($1 = 0.8377 pounds)

 (Reporting by Shadia Nasralla; Editing by Kirsten Donovan)
 ((Shadia.Nasralla@thomsonreuters.com; Reuters Messaging:
Reuters Messaging: shadia.nasralla.reuters.com@reuters.net))