Nice post.... Your information lines up with what I have heard about the merger as well. I also have a sizable investment in BCII from a PPM I invested in about 1 1/2 yrs ago.
What I hear is part of the $200 million investment is going to be used to start acquiring BCII. The goal is to purchase approximately 10% of the company for cash by mid-late May and another 9% or so with BXA stock.
This will recapitalize BCII and allow them to get current with their reporting and set the stage for a greater investment by BXA over the next 6 months.
For right now BXA has to limit their portion of BCII to less than 20% for their initial purchase because of a rule limiting the acquisition of a US company by a foreign company of 20% or greater without an extensive international audit. Because both sides want to see a deal as soon as possible BXA is bypassing that rule by acquiring less than 20% now.
However, within the next six months, BXA plans on acquiring at least 51% of BCII along with uplisting the company to the OTXQX exchange After that the end of the year the goal is to uplist to the Nasdaq.
Currently, BCII is now fully reporting with the OTC and should be current with the SEC by June. With that accomplished and a new capital infusion by BXA we could see the company uplist to the OTCQX in short order.
Lastly, when Patrick recently resigned from the Board of Directors for BCII and he indicated that it could make room for possible BXA board members and that is the main reason why he did it.
As far as remaining on as CEO, last I heard he was still the CEO, but some powerful players/investors were/are getting impatient and have tried a few times to remove him. Maybe they have been successful and we will find out officially. I think that as long as the merger is going forward, even slowly, Patrick will remain CEO.
GLTA!
