Latest news with #TransactionAgreement
Business Insider
26-07-2025
- Business
- Business Insider
Paramount, Skydance expect deal to close on August 7, 2025
Paramount (PARAA) (PARA) Global announced that the transactions contemplated by the Transaction Agreement, dated as of July 7, 2024, by and among Paramount, Skydance, New Pluto Global, Inc. and the other parties thereto are expected to close on August 7, 2025, subject to customary closing conditions. The deadlines for Paramount stockholders of record and certain other Paramount stockholders to elect the form of consideration they wish to receive with respect to their shares of Paramount common stock in connection with the Transactions are as set forth below and correspond to the Anticipated Closing Date: For shares of Paramount common stock held of record, the Election Deadline is 5:00 p.m., New York City time, on July 31, 2025; For shares of Paramount common stock held by current or former employees of Paramount via their Morgan Stanley Stock Plan Account, the Election Deadline is 4:00 p.m., New York City time, on July 28, 2025; For shares of Paramount common stock held via the Paramount Global 401(k) Plan, the Election Deadline is 4:00 p.m., New York City time, on July 28, 2025. Elevate Your Investing Strategy:
IOL News
09-07-2025
- Business
- IOL News
Renergen disputes MGE's exercise of put option
Renergen has issued a statement in response to Mahlako Gas Energy's (MGE) notice regarding its purported exercise of the Put Option related to its investment in Renergen's subsidiary, Tetra4. Image: Supplied Renergen has issued a statement in response to Mahlako Gas Energy's (MGE) notice regarding its purported exercise of the Put Option related to its investment in Renergen's subsidiary, Tetra4. Tetra4 holds South Africa's first and only onshore petroleum production right issued by the Department of Mineral Resources and Energy. As previously announced on December 27, 2023, Renergen entered into a transaction agreement with MGE for an investment in Tetra4 through a sale, subscription, and shareholders agreement, which was initially classified as a category 2 transaction in terms of the JSE Listings Requirements. However, MGE has now notified Renergen of its intention to exercise the Put Option, which it claims has been triggered by a so-called "Put Option Event." A put option is a contract that gives the buyer the right, but not the obligation, to sell an underlying asset (like a stock) at a specific price. Renergen said, "Renergen categorically disputes that the Put Option has been lawfully or validly exercised and that it has consequently given rise to the aforementioned share transaction. Further to this, and resulting from the invalidity of the exercise of the Put Option, Renergen also disputes that the Option Transaction Agreement has validly come into existence and will be challenging same." Renergen further said that MGE's actions, which the Company believes are premature and unsupported by the terms of the agreement, lack legal merit. Renergen has stated that the dispute will be resolved via the dispute resolution mechanisms outlined in the Transaction Agreement, although the process may take time. Renergen said it is confident that the matter will be settled according to the prescribed procedures and has assured shareholders that its core business operations and strategic direction remain unaffected by this ongoing dispute. The company will continue to focus on the development of the Tetra4 project and will keep shareholders informed of any material developments requiring further disclosure. BUSINESS REPORT
IOL News
09-07-2025
- Business
- IOL News
Renergen disputes MGE's exercise of put option
Renergen has issued a statement in response to Mahlako Gas Energy's (MGE) notice regarding its purported exercise of the Put Option related to its investment in Renergen's subsidiary, Tetra4. Image: Supplied Renergen has issued a statement in response to Mahlako Gas Energy's (MGE) notice regarding its purported exercise of the Put Option related to its investment in Renergen's subsidiary, Tetra4. Tetra4 holds South Africa's first and only onshore petroleum production right issued by the Department of Mineral Resources and Energy. As previously announced on December 27, 2023, Renergen entered into a transaction agreement with MGE for an investment in Tetra4 through a sale, subscription, and shareholders agreement, which was initially classified as a category 2 transaction in terms of the JSE Listings Requirements. However, MGE has now notified Renergen of its intention to exercise the Put Option, which it claims has been triggered by a so-called "Put Option Event." A put option is a contract that gives the buyer the right, but not the obligation, to sell an underlying asset (like a stock) at a specific price. Renergen said, "Renergen categorically disputes that the Put Option has been lawfully or validly exercised and that it has consequently given rise to the aforementioned share transaction. Further to this, and resulting from the invalidity of the exercise of the Put Option, Renergen also disputes that the Option Transaction Agreement has validly come into existence and will be challenging same." Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Renergen further said that MGE's actions, which the Company believes are premature and unsupported by the terms of the agreement, lack legal merit. Renergen has stated that the dispute will be resolved via the dispute resolution mechanisms outlined in the Transaction Agreement, although the process may take time. Renergen said it is confident that the matter will be settled according to the prescribed procedures and has assured shareholders that its core business operations and strategic direction remain unaffected by this ongoing dispute. The company will continue to focus on the development of the Tetra4 project and will keep shareholders informed of any material developments requiring further disclosure. BUSINESS REPORT
Malaysian Reserve
08-07-2025
- Business
- Malaysian Reserve
Water Street Capital Comments On Latest Update From REC Silicon Board of Directors
Board Confirms Hanwha's NOK 2.20 Offer Significantly Undervalues REC Silicon's Assets and Intellectual Property Water Street Condemns Behavior of Hanwha Which is Preventing REC Silicon from Pursuing Alternative Financing and Strategic Options JACKSONVILLE, Fla., July 8, 2025 /PRNewswire/ — Water Street Capital, Inc. ('Water Street'), a long-term, value-oriented private investment firm which, together with its affiliates, collectively owns 8.26% of the outstanding common stock of REC Silicon ASA (OSL: ('REC Silicon' or the 'Company'), today issued the following statement in response to the July 7, 2025 update from the Company's Board of Directors (the 'Board'): 'Yesterday's announcement by the Board of REC Silicon, elected by the majority of shareholders at the Company's recent Annual General Meeting, confirms what Water Street has believed since the release of its shareholder letter on May 23, 2025: Hanwha Solutions Corporation's ('Hanwha') NOK 2.20 offer significantly undervalues REC Silicon's assets and intellectual property. However, due to the onerous restrictions outlined in Hanwha's one-sided Transaction Agreement ('TA') and its subsequent endorsement by the Company's previous Board, the new Board of REC Silicon is not given the opportunity to maximize shareholder value. The Board clearly states that 'The Transaction Agreement entered into on 24 April 2025 between the Company and Anchor, under Norwegian statutory law, further restricts the Board's ability to pursue alternative financing and strategic options in the current situation. Hanwha has not taken any steps to release the Board from these restrictions, but instead approached the Board and reserved the right to initiate legal action against each individual board member for failure to comply with its alleged duties.' We find it difficult for a board to fulfill its duty to maximize shareholder value when threatened by the very shareholder responsible for placing the company into this perilous situation. That same shareholder agreed to fund the Company in the TA, only to retract that pledge when it lost control of the Board. Water Street believes that this act is a material breach of the TA under United States law. Given the opportunity to bring the assets of REC Silicon to market, Water Street remains confident that the proper value of the Company's Polysilicon and Silane gas businesses will be ascribed. We commend the current Board members for their efforts in light of the burdensome restrictions put in place prior to their recent election.' Logo – Media ContactJonathan Gasthalter/Brandon LinGasthalter & Co.+1 (212) 257-4170jg@ View original content:
