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Was this a number someone posted that was needed to pay the DIP lender and Comerica?
6th monitors report, page 10
Right about the earnout/all cash, the monitors report said the lidding bidder omitted the earnout but said nothing about striking the equity raise.
If commons were canceled, wouldn't an equity raise be a long and costly endeavor?
6th monitor report, states that the leading bidders both had earnout payments included in their original bids as well as one also had an equity raise included to pay creditors.
If commons were canceled, wouldn't this be a long and costly endeavor?
Explain
Bingo
Brilliant
Majority of the board wanted money yesterday, last week, last month. They are tired and beat down. Making big money isn’t for the weak.
If 4 million was the highest bid, did the liquidators bid less than a million?
Fair and market value, I think was the term used.
Everyone at PWC will be in jail if this company sold to an ex-employee for only four million dollars.
Got to watch!
Cant open. What does it say?
You've been saying this for months. Keeping the plant running is key.
This is where we need to be watching for commons fate:
rsfess Wednesday, 09/19/18 10:50:23 PM
Re: None 0
Post # of 42741
Wanted to provide a bit of information on the "Newco" being formed in this transaction. According to http://www.registreentreprises.gouv.qc.ca/en/default.aspx, Deepak Dugar established a "joint stock company or company" on September 7th, 2018 under Quebec Business Corporations Act (CQLR, cS-31.1). The current company name is the one listed in the 6th monitor report as 9384-3076 Quebec Inc.
The current address is listed as: 2500-1 Place Ville-Marie, Montreal H3B1R1. This address appears to belong to the law firm: Norton Rose Fulbright, whom I presume must be representing Visolis Inc.
Dugar is listed as the president and the first shareholder is listed as Visolis Inc.
You can look up this information by visiting the above url for Revenu Quebec and choosing the "find an enterprise" link on the right. In the search field, enter the NEQ number which is: 1173946147.
It may be beneficial to monitor the progress of this "newco" as things move forward and possibly do a bit of DD on the lawyers as well.
And what is the value of BioAmber Inc.'s assets? Patents, trade secrets and R&D breakthroughs?
Immediate relief
PWC even states this in the 4th or 5th report, teaser - no bids summitted for "sale as a going concern" yet people keep stressing that bids were pulled because PWC accidently released names of bidders. Companies don't care who knows they are buying. It was mandated by PWC for sealed bidding. Bidding companies had no interest to buy BioAmber as a going concern.
Nice!
Lot of information in this post from last night and the poster closes with "it may be beneficial to monitor the progress"
"Wanted to provide a bit of information on the "Newco" being formed in this transaction. According to http://www.registreentreprises.gouv.qc.ca/en/default.aspx, Deepak Dugar established a "joint stock company or company" on September 7th, 2018 under Quebec Business Corporations Act (CQLR, cS-31.1). The current company name is the one listed in the 6th monitor report as 9384-3076 Quebec Inc.
The current address is listed as: 2500-1 Place Ville-Marie, Montreal H3B1R1. This address appears to belong to the law firm: Norton Rose Fulbright, whom I presume must be representing Visolis Inc.
Dugar is listed as the president and the first shareholder is listed as Visolis Inc.
You can look up this information by visiting the above url for Revenu Quebec and choosing the "find an enterprise" link on the right. In the search field, enter the NEQ number which is: 1173946147.
It may be beneficial to monitor the progress of this "newco" as things move forward and possibly do a bit of DD on the lawyers as well. "
Impressive!
The Law Firm the entity is using
Norton Rose Fulbright
The equity capital markets team at Norton Rose Fulbright is instructed by issuers and investment banks and provides UK and US law advice in connection with a variety of equity transactions. Most notably, the group has been involved in multiple high-value share buy-backs and sell-downs in 2016
Posted By:
JustFishing25 Thursday, 09/20/18 12:48:47 AM
Re: rsfess post# 42052 0
Post # of 42215
Found this on the web about the law firm that visolis is using
This should prove interesting:
JustFishing25 Thursday, 09/20/18 12:48:47 AM
Re: rsfess post# 42052 0
Post # of 42122
Thanks for the guidance... It really is appreciated!
Found this on the web about the law firm that visolis is using.
Norton Rose Fulbright
The equity capital markets team at Norton Rose Fulbright is instructed by issuers and investment banks and provides UK and US law advice in connection with a variety of equity transactions. Most notably, the group has been involved in multiple high-value share buy-backs and sell-downs in 2016
This site should have updated info as it becomes available
Outstanding!
“High value share buy backs”
Would you explain further
The winning bid also included breakthrough R&D and trade secrets. In the sticky above by Sorhay, the winning bidder has to purchase the commons to use the NOLs.
My favorite part of this excellent DD is the NewCo has to buy o/s commons to use the NOLs
Only referenced it because it was in the LOI from Visolis and appeared to be one digit less than the purchase price.
The letter from Visolis has a blackout purchase price and it's more than the yearly free cash flow of LCY. Somebody is getting a large sum of money, hopefully it's us.
Clearly the LOI is nine figures for the purchase price and LCY's yearly free cash is one digit less. On the 6th report it says that the sale would cover DIP lender and Comerica. The plant and equipment would have had to sell for more than 12,000,000?
So what you are actually saying is that we will know today?
Also I think Sorhay included in his post the buying company has to continue the same operations to utilize the NOLs and the sixth monitors report states that Visolis will continue producing Succinic Acid at the plant
What are your thoughts on this?
Easy to do with our low float and NewCo probably has been buying shares to retire.
You are correct.
I printed the LOI page and cut out the black purchase price box and placed it over the box for LCY’s cash flow box -the purchase price box is one digit bigger.
Great post.
Would shareholders be affected by payouts on future earnings?
If the purchase price is between 250,000,000 - 350,000,000, do you think a recapitalization set pps is included in the bid?
Good eye.