Shareholders approved a buyout that will hand over what’s left of Day4 Energy Inc. (TSX:DFE) to two senior managers.
Under the agreement, shareholders will get $500,000 for stock that is nearly worthless and the company will be delisted from the Toronto Stock Exchange. The company’s stock was trading at $0.01 per share Wednesday.
At an annual and special shareholder’s meeting Wednesday, shareholders agreed to sell their stock to a numbered company controlled by Day4 CEO George Rubin and Douglas Keast, the company’s executive vice-president and CFO. Rubin and Keast will assume the company’s liabilities.
Co-founded by John Macdonald of MacDonald Dettwiler and Associates (TSX:MDA), the solar photovoltaic maker was once a darling of Vancouver’s high-tech sector.
But a glut of cheap PV products, mainly from China, and withdrawal of feed-in tariffs that artificially propped the industry up have taken their toll on Day4 and a number of American and European solar energy companies.
