CVTech Group says it has received contracts with total value of $77.4 million

DRUMMONDVILLE, Que. – CVTech Group Inc. (TSX:CVT) shares have dipped slightly following a day-long halt amid a shareholder dispute that pushed up the stock price last week to a two-year high.

The stock stock soared about 20 per cent on unusually high volume in the first minutes of trading Friday before the halt.

The stock opened Monday at $1.45, down three cents from $1.48 in the last trade Friday.

The ususual market activity followed a public letter from Gestion G. Aubert, owned by Guy Aubert, that said a leading NYSE-listed electrical contractor had offered $1.95 per share but was rebuffed by CVTech.

The company, which provides various services to Hydro-Quebec and other utilities, responded later in the day that the letter contained “erroneous and incomplete information.”

Among other things, CVTech said the initial conditional offer had been received in late 2011 but was withdrawn when the company began a strategic review. It said the two other bids that followed had less favourable terms and were rejected.

Prior to the opening, CVTech announced that its subsidiaries have been awarded several new contracts representing a total value of approximately $77.4 million.