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    SDX shareholders oppose Tenaz tie-up

Summary

SDX struck a deal to sell itself to Tenaz in late May in an all-share offer.

by: NGW

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SDX shareholders oppose Tenaz tie-up

A group of shareholders owning 25.7% of Egypt-focused SDX Energy has written to the company's board to express their opposition to a proposed combination with Canadian firm Tenaz Energy.

SDX struck a deal to sell itself to Tenaz in late May in an all-share offer. But on July 18, SDX said it had received a letter from trading and investment firm Aleph, which is leading the group of shareholders that oppose the tie-up, announcing their intention to vote against it at a meeting on July 29.

"Aleph welcomes the opportunity to engage with management and the board of directors 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," the letter read.

SDX produces gas in Egypt and Morocco.