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IC Capitalight Announces Intention to Offer $800 for Stone Investment Group Limited Debentures, Subject to Termination of Stone Offer
IC Capitalight prepared to commence offer upon expiry of Stone Investment Group Limited's o...
About this update from Cupani Metals Corp.
[{"type":"text","content":"IC Capitalight Announces Intention to Offer $800 for Stone Investment Group Limited Debentures, Subject to Termination of Stone OfferIC Capitalight prepared to commence offer upon expiry of Stone Investment Group Limited's offer or upon announcement of withdrawal rightsOffer Price of $800 per DebentureNo Minimum Tender ConditionCapitalight has Secured $5,250,000 Credit Facility to Fund Acquisition of Stone Investment Group Limited DebenturesTORONTO, ON / ACCESSWIRE / December 23, 2021 / IC Capitalight Corp. (\"Capitalight\" or the \"Company\") announced today its intention to make a new offer (the \"New Offer\") to acquire all of the outstanding debentures (the \"Debentures\") of Stone Investment Group Limited (\"SIGL\") for all-cash consideration of $800 per Debenture. Capitalight will commence the New Offer only when and if SIGL announces that its own currently pending offer for Debentures (the \"SIGL Offer\") has terminated or, alternatively, after SIGL makes a public statement confirming that holders of Debentures who have tendered to the SIGL Offer are allowed to withdraw their Debentures from the SIGL Offer.Capitalight's New Offer will be at the same price as Capitalight's original offer which expired on December 21,2021. The New Offer will not be subject to a minimum tender condition.All Debentures deposited to Capitalight's original offer have been taken up and Capitalight has deposited the full purchase consideration owing to such Debentureholders in accordance with the terms of the offer. Debentureholders who had tendered to the SIGL Offer have missed the opportunity to sell their Debentures at $800 to Capitalight under that prior offer.The SIGL Offer was initially commenced on November 30,2021 at a price of $670 per Debenture. Despite two increases to the SIGL Offer to match Capitalight's higher offer, SIGL has had to twice extend the SIGL Offer without taking up any Debentures. Currently, the SIGL Offer is due to expire on December 28, 2021, the maturity date of the Debentures, although SIGL has retained the right to further extend its offer. Based on the number of Debentures acquired by Capitalight in its prior offer, together with Debentures already owned by Capitalight and its affiliates, and taking into consideration other Debentures that Capitalight is aware will not be tendered to the SIGL Offer, Capitalight be...