AI
Wednesday, January 23, 2019 10:17:44 AM
As of January 13th 2019, the Land the Sarnia 30,000 MT Bio Succinic Acid plant is located on is still owned by Bioamber Sarnia and not LCY Bio-sciences or 9384-3076 Quebec Inc.
That means there is another transaction, other than the Visolis which closed on October 22 2018, that will change ownership of the land the plant is located on.
The Company is being sold!
A Shareholders meeting will be announced for the ultimate shareholders.
There will be a recapitalization/share purchase transaction as part of this "Liquidation Process"
The Director of Finance and Deputy General Mananger of LCY Elastomers LP in Texas of 22 years is now also currently the CFO/General Manager of LCY Bio-sciences in Sarnia.
LCY is buying BIOAQ
LCY stops trading today in Taiwan and will be delisted and become a private company on January 31st. The Lee family will then enter into a JV with KKR to own LCY. The Lee family owning 45% and KKR 55%.
As per the KERP, secured debt is paid in full in cash!
Royalties are still being paid!
Restructuring fees have been paid!
The Purchaser wants to assume the rights to use "Bio technology" from the Reverdia STA in a transaction other than the APA/Visolis transaction!
The Company is being sold!
That means there is another transaction, other than the Visolis which closed on October 22 2018, that will change ownership of the land the plant is located on.
The Company is being sold!
A Shareholders meeting will be announced for the ultimate shareholders.
There will be a recapitalization/share purchase transaction as part of this "Liquidation Process"
The Director of Finance and Deputy General Mananger of LCY Elastomers LP in Texas of 22 years is now also currently the CFO/General Manager of LCY Bio-sciences in Sarnia.
LCY is buying BIOAQ
LCY stops trading today in Taiwan and will be delisted and become a private company on January 31st. The Lee family will then enter into a JV with KKR to own LCY. The Lee family owning 45% and KKR 55%.
As per the KERP, secured debt is paid in full in cash!
Royalties are still being paid!
Restructuring fees have been paid!
The Purchaser wants to assume the rights to use "Bio technology" from the Reverdia STA in a transaction other than the APA/Visolis transaction!
The Company is being sold!
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