Bridget Klebaur 09.19.13
Tasnee has now concluded its due diligence in relation to a strategic investment of $16 million in Dyesol. In planning for exercise of this investment option, Dyesol has agreed to extend the exercise period by two months to Nov. 14. Tasnee is a very substantial, global industrial conglomerate and the additional time will allow both parties to further explore opportunities to work together. Dyesol has been collaborating with Cristal, a 75% subsidiary of Tasnee, in the UK since 2009.
In anticipation of a positive decision and Tasnee exercising its investment rights, Dyesol will now appoint an independent expert to prepare a "fair and reasonable" report to assist Dyesol shareholders in making an informed decision in relation to approving tne proposed investment. The proposed investment will exceed Dyesol's share issuance capacity under ASX Listing Rule 7.1 and exceed 20% ownership and will, therefore, require shareholder approvals at a general meeting. The Board of Directors wishes to seek these approvals from its shareholders at its Annual General Meeting which must occur by Nov. 30.
The Dyesol Board is very pleased with this outcome and looks forward to working closely with Tasnee to confirm its investment and, more importantly, to commercially exploiting Dyesol's highly prospective DSC technology. Dyesol's latest business and technology development plans provide for accelerated commercialisation of its Building Integrated Photovoltaic technology.
Tasnee (also known as The National Industrialization Company of Saudi Arabia) is the second largest industrial company in Saudi Arabia and the second largest producer of titanium dioxide in the world.
In anticipation of a positive decision and Tasnee exercising its investment rights, Dyesol will now appoint an independent expert to prepare a "fair and reasonable" report to assist Dyesol shareholders in making an informed decision in relation to approving tne proposed investment. The proposed investment will exceed Dyesol's share issuance capacity under ASX Listing Rule 7.1 and exceed 20% ownership and will, therefore, require shareholder approvals at a general meeting. The Board of Directors wishes to seek these approvals from its shareholders at its Annual General Meeting which must occur by Nov. 30.
The Dyesol Board is very pleased with this outcome and looks forward to working closely with Tasnee to confirm its investment and, more importantly, to commercially exploiting Dyesol's highly prospective DSC technology. Dyesol's latest business and technology development plans provide for accelerated commercialisation of its Building Integrated Photovoltaic technology.
Tasnee (also known as The National Industrialization Company of Saudi Arabia) is the second largest industrial company in Saudi Arabia and the second largest producer of titanium dioxide in the world.