Business
REPEAT - Wayland Group Enters into a Letter of Intent to Sell 49.9% of International Business to International Cannabis Corp.
REPEAT - Wayland Group Enters into a Letter of Intent to Sell 49.9% of International Business to International Cannabis Corp..
About this update from Wayland Group Corp
[{"type":"text","content":"\nTORONTO, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) is pleased to announce that, pursuant to the Company’s previously announced strategic review, it has entered into a Letter of Intent to sell 49.9% of the Company’s international portfolio of assets to International Cannabis Corp (“ICC”). Wayland will receive 300,000,000 shares of ICC that trade under the symbol WRLD.U on the Canadian Securities Exchange, at a deemed price of USD $0.43 per share (the “Issue Price”). Based on the Issue Price, once complete this transaction will value Wayland’s international business at approximately USD$258,000,000.\n Additional Transaction Details Upon consummation of the proposed transaction: Wayland will sign a three-year supply agreement with ICC that will supply ICC with 10,000kg of EU-GMP certified product per year, for a total of 30,000kg during the termICC will gain access to Wayland’s German advisory board to help with production and distribution strategies, branding campaigns, as well as the continued penetration of new cannabis and CBD markets and verticals through Cosmos HoldingsWayland’s international business will be held in a subsidiary which will be jointly owned by Wayland and ICCICC shares will not be distributed to Wayland shareholders for a period of not less than six months from the closing date of the transaction. This transformational event for Wayland shareholders affords them the opportunity to unlock the value in the Company’s international portfolio and to gain exposure to ICC’s international business. Based on yesterday’s closing price of Wayland, this transaction will value the international assets at a 13.3% premium to the current market value of Wayland’s entire global business and a 32.6% premium to the 20-day VWAP (volume-weighted average price). The current intention is to spin out the 300,000,000 ICC shares to WAYL shareholders at the appropriate time after the six-month holding period. Subject to developments in the strategic review, the Company will continue to operate its Canadian business supplying its current medical patient base and the Canadian Provinces. Wayland’s state-of-the-art, purpose-built cannabis production facili...