Hydrogenics Acquires Stuart Energy’s Outstanding Common Shares

On January 6, 2005, approximately 86 per cent of the outstanding shares of Stuart Energy Systems Corp. were tendered to a share exchange takeover bid by Hydrogenics Corp. Each share of Stuart Energy Systems was exchanged for 0.74 Hydrogenics shares. Based on the relative trading prices at the time of the November 10, 2004 announcement of the negotiated transaction, the acquisition value is approximately $155 million.

Hydrogenics was represented in-house by Jonathan Lundy, vice-president, strategic development and general counsel, and assisted by Osler, Hoskin & Harcourt LLP’s Mark Trachuk, John Groenewegen, Lori Stein, Lorraine Lynds and Adam Grabowski.

Stuart Energy Systems was represented by Torys LLP under the direction of Randy MacEwen, vice-president and general counsel. The Torys team included Phil Brown, Kevin Morris, Justin Young, Christina Medland, Robin Coster, Andy Beck and Jackie Taitz.