Business
Spin Master Announces Secondary Offering of Approximately C$61 Million
Spin Master Announces Secondary Offering of Approximately C$61 Million Canada N...
About this update from Spin Master Corp
[{"type":"text","content":"\n \n \n \n Spin Master Announces Secondary Offering of Approximately C$61 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n \n U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 10, 2022\n \n \n /CNW/ - Spin Master Corp. (\"Spin Master\" or the \"Company\") (TSX: TOY) (\n \n www.spinmaster.com\n \n ), a leading global children's entertainment company, today announced that\n \n Anton Rabie\n \n , a co-founder and member of the Company's Board of Directors, through a company he controls (the \"Selling Shareholder\") has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and TD Securities Inc. (collectively the \"Underwriters\") for the sale, on a \"bought deal\" secondary basis, of 1,900,000 subordinate voting shares of the Company held by the Selling Shareholder at a price of\n \n C$32.10\n \n per subordinate voting share (the \"Offering\").\n \n \n The Company will not receive any proceeds from the sale of subordinate voting shares associated with the Offering. The Selling Shareholder will bear all the expenses related to the Offering, including payment of the Underwriters' fee.\n \n \n Mr. Rabie has informed the Company that he is proceeding with this disposition in order to fulfill a long-standing prior commitment to funding a private growth equity fund he founded. This disposition is intended to satisfy all of his near-term financial commitments. The disposition represents 6.1% of Mr. Rabie's total fully diluted share ownership in Spin Master, and following the Offering, Mr. Rabie will continue to have a meaningful economic interest of 27.5% of the total fully diluted shares outstanding. Mr. Rabie remains fully committed to Spin Master as a Director and Shareholder going forward.\n \n \n To satisfy the sale under the Offering, the Selling Shareholder will convert in aggregate 1,900,000 multiple voting shares into subordinate voting shares on a one-...