As per the arrangement, LEC will acquire all of the 4,771,367 outstanding ordinary TBF shares owned by other TBF shareholders, issuing 2.5 LEC common shares for each TBF ordinary share. The agreement will see the buyer issuing its own 11,928,419 common shares.
The agreement, currently subject to TSX Venture Exchange approval, has secured approval from TBF’s remaining shareholders, and it is expected to be concluded on or before 31 January 2014.
Following the acquisition, Lignol will own TBF’s biodiesel plant in Australia that has an annual capacity of 140 million liters. The plant is scheduled for re-commissioning in the second half of 2014.
