Synatom and Powertech
Updated March 6, 2011
SYNATOM EXECS QUIT POWERTECH BOARD - Leclere and Pauluis resign as Belgian company seeks to cut ties with struggling uranium company; Clement doesn't offer explanation - Posted October 25, 2010, Updated November 9, 2010
"Shareholder reviewing investment in Powertech; Synatom might sell 19.6 percent share in company" by Bobby Magill, Fort Collins Coloradoan - September 29, 2010 (PDF 13 KB, 2 pages) CEO Clement tries to reassure investors and other supporters of the Centennial project: "It shouldn't change anything....We're talking to other people in terms of financing." The article also contains the misleading statement that Powertech may conduct future prospecting activities that are not subject to new state rules because prospecting notices were filed before the rules take effect. Powertech has completed all previously-approved drilling, and has not received final approval from the state for disposal of wastewater from a proposed aquifer pump test.
From www.tradingmarkets.com:
Synatom puts stake in Canadian Powertech Uranium up for sale
Posted on: Fri, 17 Sep 2010 08:41:12 EDT
Sep 17, 2010 (MANAVIGATOR via COMTEX)
Synatom, part of Belgian power utility Electrabel SA, is seeking to sell its 19.6% stake in Canadian mineral exploration company Powertech Uranium (TSE: PWE | PowerRating), Belgian daily De Tijd reported yesterday. Cormark Securities is acting as financial advisor to Synatom in the auction process. Synatom, which is responsible for the management of the nuclear fuel cycle of the Belgian nuclear power plants, has reviewed its strategy and decided to exit the capital of the Canadian company, whose principal assets comprise mineral properties in Colorado, South Dakota, and Wyoming. Synatom generated last year revenues of EUR252m (USD331m)
If you can read Dutch, click here for the De Tijd story.
From www.reuters.com:
De Tijd reported that Electrabel N.V.'s subsidiary Synatom intends to sell its 19.6% stake in Powertech Uranium Corp. Synatom has appointed Cormark Securities as its financial advisor. Further details were not disclosed.
From www.stockhouse.com:
SYNATOM ANNOUNCES STRATEGIC REVIEW OF ITS INVESTMENT IN POWERTECH URANIUM CORP.
Powertech Uranium Corp PWE
9/15/2010 6:00:00 PM
BRUSSELS, Belgium, Sep. 15, 2010 (Canada NewsWire via COMTEX News Network)
Société Belge de Combustibles Nucléaires Synatom SA ("Synatom") today announced that it has initiated a strategic review of its investment in Powertech Uranium Corp. ("Powertech")(TSX: PWE), which will include undertaking a process for the potential sale of its investment to third party purchasers. In connection with the strategic review and potential sale process, Synatom has engaged Cormark Securities Inc. as its financial advisor.
Synatom currently holds 10,890,000 common shares of Powertech ("Powertech Shares") or approximately 19.6% of the issued and outstanding Powertech Shares (calculated on a non-diluted basis), as well as a CDN$9 million convertible debenture and a CDN$13.8 million loan of Powertech.
Powertech is a mineral exploration and development company that, through its Denver-based subsidiary Powertech (USA), Inc., holds the Dewey-Burdock Uranium Deposit in South Dakota, the Centennial Project in Colorado and the Dewey Terrace and Aladdin Projects in Wyoming. For more information, see www.powertechuranium.com.
About Société Belge de Combustibles Nucléaires Synatom SA
Synatom is subsidiary of Electrabel (www.electrabel.com), a leading European energy company which has become the largest power company in the Benelux market with a generating capacity of more than 16,300 MW. Electrabel is 100% owned by GDF Suez an international industrial and services group (www.gdfsuez.com). Synatom manages the fuel cycle for the Belgian nuclear power plants, including:
-- the fuel cycle front-end management, i.e., the supply with enriched uranium of the seven nuclear power units with an annual production of around 45 TWh; and -- the fuel cycle back-end management, i.e., the management of all activities in connection with spent nuclear fuel.
In addition, Synatom manages the reserves for the costs related to spent fuel and the future dismantling of nuclear power plants. Synatom's 2009 turnover amounted to 252 million Euros. For more information, see www.synatom.com.
SOURCE: Société Belge de Combustibles Nucléaires Synatom SA
"Synatom Partnership" page from Powertech's website
"The Powertech/Synatom partnership provides a number of strategic advantages for both companies.....Powertech gains access to Synatom's worldwide uranium marketing expertise. Also, by way of Synatom's recent investments, Powertech enjoys financial stability with a world leader in energy services."
Powertech sells off part of company to European multinational corporation - Canadian firm to get $9 million cash injection from Societe Belge De Combustibles Nucleaires Synatom SA, a subsidiary of Electrabel/SUEZ Group - Posted June 3, 2008