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IC Capitalight Increases Offer for Stone Investment Group Limited Debentures to $800. Waives Minimum Tender Condition
Increases Offer Price to $800 per Debenture Waiver of Minimum Tender Condition Ca...
About this update from Cupani Metals Corp.
[{"type":"text","content":"IC Capitalight Increases Offer for Stone Investment Group Limited Debentures to $800. Waives Minimum Tender ConditionIncreases Offer Price to $800 per DebentureWaiver of Minimum Tender ConditionCash Offer for ALL Outstanding DebenturesDebentureholders who have tendered to SIGL Offer may withdraw and accept higher Capitalight OfferOffer open until December 21, 2021Capitalight urges holders of SIGL Debentures to REJECT and WITHDRAW from the SIGL OfferTORONTO, ON / ACCESSWIRE / December 20, 2021 / IC Capitalight Corp. (\"Capitalight\") announced today that it has increased its cash tender offer (the \"Capitalight Offer\") for the outstanding debentures (the \"Debentures\") of Stone Investment Group Limited (\"SIGL\") by $30 to $800 per Debenture, and waived its minimum tender condition.Capitalight notes that, based on the level of tenders received for the Capitalight Offer, it is highly unlikely that SIGL's lower offer to purchase Debentures (the \"SIGL Offer\") will be successful. Despite SIGL's announcement that it has received 90% of the necessary Debentures tendered to its offer, Capitalight believes that it will be impossible for SIGL to acquire the approximately 700 additional Debentures that it needs to reach its minimum threshold. As a result, Debentureholders who have tendered to the SIGL Offer are at risk of not receiving any consideration for their Debentures. In contrast, with Capitalight's waiver of its minimum tender condition, any Debentures tendered to the Capitalight Offer will be acquired for ALL CASH consideration, provided that the other conditions of Capitalight Offer remain satisfied.Debentureholders May Withdraw from SIGL OfferOn December 17, 2021, SIGL unilaterally amended the terms of its offer (i) to extend the Expiry Time of its offer, and (ii) to provide that Debentures tendered to the SIGL Offer will be subject to proration. SIGL's amendment of its offer to impose pro ration on tendering Debentureholders means that if more than the number of Debentures sought by SIGL are tendered, only a pro rata portion of the Debentures of tendering Debentureholders would be purchased for cash, with the remaining Debentures remaining outstanding and extended for five years.SIGL's unilateral amendment to the terms of its offer revokes prior acceptances. Debentureholders who had accepted the SIGL Offer before its amendm...