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IC Capitalight Announces Intention to Commence Superior Offer for Stone Investment Group Limited Debentures
Offer Price of $770 per Debenture Cash Offer for ALL Outstanding Debentures Offer...
About this update from Cupani Metals Corp.
[{"type":"text","content":"IC Capitalight Announces Intention to Commence Superior Offer for Stone Investment Group Limited DebenturesOffer Price of $770 per DebentureCash Offer for ALL Outstanding DebenturesOffer will be open until at least December 20, 2021IC Capitalight urges Holders of Debentures not to tender to the Coercive Offer of Stone Investment Group LimitedTORONTO, ON / ACCESSWIRE / December 6, 2021 / IC Capitalight Corp. (\"Capitalight\") announced today its intention to make a formal offer (the \"Offer\") to acquire all of the outstanding debentures (the \"Debentures\") of Stone Investment Group Limited (\"SIGL\")for all-cash consideration of $770 per Debenture. In addition, as announced by SIGL, Debentureholders will receive an additional $30 for the associated Warrants initially issued with the Debentures. In total, on acceptance of the Offer, investors in original units issued by SIGL would receive a total consideration of $800 per unit, consisting of $770 per Debenture pursuant to the Offer, plus $30 for the associated Warrants pursuant to SIGL's Warrant repurchase. The Offer represents a $100 premium to SIGL's own coercive offer for the Debentures announced on November 30, 2021 (the \"SIGL Offer\").Capitalight urges holders of SIGL Debentures not to tender to the SIGL Offer and warns that the SIGL Offer does not provide for any rights of withdrawal to Debentureholders. Under the terms of the SIGL Offer, if 7,293 Debentures are deposited to the offer, SIGL, through a subsidiary, will acquire the deposited Debentures and immediately, unilaterally extend the maturity date of all Debentures, including those not deposited and any deposited Debentures in excess of maximum 7,293 Debentures that SIGL has offered to purchase. Capitalight believes that this so-called \"First-Past-the-Post\" feature of the SIGL Offer creates a coercive race to tender that threatens any Debentureholders that may view the SIGL Offer as not providing fair value with the risk that they could be left holding Debentures that will not mature for a further five years.By announcing its intention to make a superior offer for the Debentures, Capitalight wishes to assure Debentureholders that they do not need to respond to the SIGL Offer and will receive much higher consideration for their Debentures than the SIGL Offer provides as well as certainty of receiving ALL CASH cons...