Business
Eguana Announces DHCT and Corporate Update
Calgary, Alberta--(Newsfile Corp. - December 5, 2023) - Eguana Technologies Inc. (TSXV: EGT)...
About this update from Eguana Technologies Inc
[{"type":"text","content":"Eguana Announces DHCT and Corporate UpdateCalgary, Alberta--(Newsfile Corp. - December 5, 2023) - Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF) (\"Eguana\" or the \"Company\") has been notified that DHCT II Luxembourg S.à r.l. (in liquidation) (\"DHCT\"), an investment vehicle of Doughty Hanson & Co Technology II (in dissolution)(the \"Fund\"), a fund managed by Doughty Hanson & Co Managers Limited (as liquidating trustee), in connection with their previously announced and on-going liquidation of the Fund, and the wind-down of its operations, will proceed with a distribution-in-kind (the \"Distribution\") of the common shares (the \"Common Shares\") that DHCT currently holds in the capital of Eguana. The Common Shares will be distributed to the underlying investors in the Fund consisting of a number of large institutional investors as well as a small number of individuals affiliated with DHCT. The Distribution is being undertaken in accordance with the Fund's confidential governing documents as part of the Fund finalizing its winding-up and dissolution. The Distribution is expected to be completed during the month of December 2023. The Common Shares transferred to the underlying investors of DHCT will have a four month and one day hold period. Following the Distribution, none of the investors in the Fund will become reporting insiders of Eguana.As a result of the Distribution, DHCT will no longer own any shares of Eguana thereby triggering the termination of the investor rights agreement between the Company and DHCT dated August 8, 2019 (as amended) (the \"Investor Rights Agreement\"). In connection with the termination of the Investor Rights Agreement, DHCT will no longer have a right to appoint a board member and as a result, Graeme Stening, DHCT's representative on the board has tendered his resignation effective immediately. In addition, the single Series 8 preferred share of the Company, currently held by DHCT will be redeemed for cancellation at a price of $1.00.\"DHCT has been a valued investor in Eguana since 2009, and we are pleased that they decided to pursue a distribution rather than a sale of the Fund's shares as part of the on-going wind down. Eguana is excited to now be able to engage directly with these institutional shareholders and share our growth strategy, particularly as it relates to...