A welcome letter from management that should give confidence to shareholders re the new controlling entities of the company.
" The Mint Corporation (TSXV: MIT) ("Mint" or the "Company") today released the following letter to shareholders.
Dear Shareholders,
Mint management feels that it is important to provide shareholders with further clarity on the press release issued on Sept 27, 2019 titled "Mint Announces a Definitive Share Purchase Agreement and Interim Funding Agreement". The transaction described in the above-mentioned press release (the "Proposed Transaction") was an outcome of a Sales and Investment Solicitation Process (SISP) that was undertaken by the majority shareholder of Mint and managed by external advisors. Mint supported the SISP process as first disclosed in a press release dated June 5th, 2019.
This potential change in Mint's significant stakeholder was a consuming exercise for Mint's management team. Throughout the SISP process, Mint was able to ensure that the current business continued to perform while certain new initiatives were delayed until the SISP process was completed.
Management believes that the Proposed Transaction is the best outcome from the SISP process. A Share Purchase Agreement has been signed which, upon closing, will result in the transfer of the majority ownership in Mint to Global Business Services for Multimedia ("GBS"), a long-standing partner of Mint in the UAE, and its affiliate, Mobile Telecommunication Group LLC ("MTG" and together with GBS, the "Purchasers"). The Purchasers will acquire certain equity and indebtedness, as described in the press release issued on September 27, 2019, for an aggregate purchase price of $6,590,000, showing their continued commitment and belief in the value of the business, which is represented by Mint. The Proposed Transaction includes an interim funding agreement to support the business through to closing or termination of the Proposed Transaction.
Mint management views the Proposed Transaction as beneficial to advance Mint's business in the UAE. The greater alignment with our partner GBS may also open new possibilities for Mint, including the offering of its globally certified technology stack in Canada and the Americas.
Mint management believes that, once completed, the Proposed Transaction will remove the uncertainty now surrounding the Company's ownership and will lead to better prospects for the Company."
AI
