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TORONTO, CANADA--(Marketwired - Dec. 24, 2014) - Homeland Energy Group Ltd. (NEX:HEG.H) (Homeland or the Company) today announced that is has been advised of a proposed share sale transaction between GMR Energy Limited (GMR), the Company's largest shareholder holding 293,215,907 shares representing approximately 62.1% of the Company's issued and outstanding common shares, and SRK Energy Ltd. (SRK), a purchaser at arm's length to GMR (the Transaction). As part of the Transaction, GMR will sell 287,369,107 shares in the Company to SRK representing approximately 60.9% of the Company's issued and outstanding common shares, by way of a private agreement for total cash consideration of $110.00, and SRK will become a new insider and the controlling shareholder of Homeland. The closing of the Transaction is subject to approval of the TSX Venture Exchange and the Reserve Bank of India which has been applied for. The Transaction is an insider bid as noted below. |
