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DXI Energy announces approval of share consolidation, plans for name change to DXI Capital

The plan is on the basis of 100 shares being consolidated into one share, or on such lesser share consolidation ratio as may be approved by the board and is acceptable to the TSX Venture Exchange

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On July 22 this year, DXI said it had received approval to list its shares on the NEX, a separate board of TSX Venture Exchange that provides a trading forum for listed companies that have fallen below the TSX’s listing standards

DXI Energy Inc (TSX:DXI) (OCTQB:DXIEF) announced Friday the results of its annual general and special meeting of shareholders, which was held on Thursday, August 20, which included approval of a 1:100 share consolidation and details of its change of name.

On July 22 this year, the group said it had received approval to list its shares on the NEX, a separate board of TSX Venture Exchange that provides a trading forum for listed companies that have fallen below the TSX’s listing standards. DXI said the decision to voluntarily delist its shares from the TSX and list on NEX was made by the board of directors, subsequent to the company's decision to cease all of its oil and gas operations.

READ: DXI Energy receives approval to list shares on NEX board

The consolidation plan is on the basis of 100 shares being consolidated into one share, or on such lesser share consolidation ratio as may be approved by the board and is acceptable to the TSX Venture Exchange (NEX Division).

Also approved yesterday was the election of Robert Hodgkinson, Ronnie Bozzer and A. Ross Gorrell as directors and the re-appointment of Davidson and Company LLP as auditors.

The proposed issuance of the post-consolidated shares for debt settlements with Hodgkinson Equities Corp and consequent increase in the control position of Hodgkinson Equities Corporation were also approved.

Subsequent to the meeting, DXI said its board of directors also approved the company's name change to DXI Capital Corp, subject to acceptance by the NEX and the Registrar of Companies for British Columbia.

The firm said it will issue a further press release detailing the effective date of the share consolidation and change of name.

Contact the author at giles@proactiveinvestors.com

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