08:19:21 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Zenn Motor Company Inc
Symbol ZNN
Shares Issued 53,471,498
Close 2014-02-18 C$ 0.74
Market Cap C$ 39,568,909
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Zenn Motor offers to acquire 141,463 more EEStor shares

2014-02-18 16:40 ET - News Release

Ms. Natasha Vandesluis reports

ZENN ANNOUNCES PROPOSED EXCHANGE OFFER FOR EESTOR SHARES

Zenn Motor Company Inc. intends to make an exchange offer on the same terms to all shareholders of EEStor Inc. who did not participate in the share exchange of EEStor shares for Zenn shares announced on Jan. 27, 2014. Zenn currently owns 68.4 per cent of the voting and equity shares of EEStor on an as-converted basis and intends to offer to acquire up to an additional 141,463 shares of EEStor, or approximately 6.9 per cent of the outstanding EEStor shares, on the basis of 15 Zenn common shares for each EEStor share exchanged. If all EEStor shares sought are exchanged, Zenn would issue 2,121,945 common shares, or approximately 4.0 per cent of the number of common shares currently outstanding. Those EEStor shareholders who advise EEStor of their interest in participating in the exchange offer will be provided with formal documentation by Zenn to effect the share exchange.

The exchange offer is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange. Any Zenn common shares issued under the exchange offer will be subject to a four-month hold period in Canada and such other hold periods as may be required under securities laws applicable to the participants.

James Kofman, chairman of Zenn, commented: "The exchange offer will allow EEStor shareholders to obtain liquidity for their investment in a manner similar to that offered to the Weir family. Now that the interests of Zenn and EEStor are fully aligned, we believe it makes sense to consolidate the shareholders of EEStor and Zenn in one common company and create a more efficient corporate structure."

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