Zhuzhou CRRC Times Electric Co., Ltd. (SEHK:3898) signed a definitive arrangement agreement to acquire remaining 25% shares in Dynex Power Inc. (TSXV:DNX) for CAD 13.1 million on January 17, 2019. Under the terms of the transaction, Zhuzhou CRRC Times Electric will acquire all Dynex Power's common shares that it does not already own for CAD 0.65 per share in cash. Following completion of the arrangement, Dynex Power will cease trading on the TSX Venture Exchange and will become a wholly-owned subsidiary of Zhuzhou CRRC Times Electric Co., Ltd. The transaction will be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act which is subject to, among other things, customary conditions, including approval of a special resolution with respect to the arrangement by at least 66-2/3% of the votes cast by shareholders of Dynex Power, receipt of approval of the Ontario Superior Court of Justice of (Commercial List) with respect to the arrangement, regulatory approvals, and shareholders shall not have exercised their dissent rights, among others. Based on the recommendation of the Special Committee the Board of Directors of the Zhuzhou CRRC Times Electric has unanimously determined the arrangement as fair to the minority shareholders and that privatization is in the best interests of Zhuzhou CRRC Times Electric and recommended that shareholders vote in favor of the arrangement. Dynex Power Inc.’s shareholders meeting is scheduled on March 11, 2019. As of March 11, 2019, the transaction was approved by the shareholders of Zhuzhou CRRC Times Electric Co., Ltd. and a final order of the Ontario Superior Court of Justice approving the transaction will be sought on March 14, 2019. As of March 14, 2019, the transaction has been by Ontario Superior Court of Justice. The deal is expected to close in March 2019. As of March 11, 2019 the transaction is expected to be completed on or about March 15, 2019. Management of Dynex Power Inc. will solicit proxy from shareholders. WelchGroup Consulting Inc. acted as an independent financial advisor to provide to the Special Committee of the Board of Directors of Dynex Power an opinion on the fairness of the transaction. Deborah Weinstein of LaBarge Weinstein LLP acted as legal advisor to Dynex Power and Amanda Linett of Stikeman Elliott LLP acted as legal advisor to Zhuzhou CRRC Times Electric. Computershare Trust Company Of Canada acted as depository in the transaction. WelchGroup Consulting Inc. will receive a fee of CAD 0.03 million.