8k out!
ITEM 5.02—DEPARTURE OF DIRECTORS AND CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
Effective June 15, 2020, the Chairman of the Registrant accepted Ms. Louise Jones’ resignation. Mr. Laxmi Prasad will function as Chairman & CEO of the Registrant, until a suitable replacement for the position of Chief Executive Officer is hired. Mr. Prasad is a qualified Chartered Accountant from India and a CPA from the United States holding 30+ years of experience in global financial practice, taxation, capital markets, mergers and acquisitions. He specializes in structuring large & complex transactions and is working towards organizing a Residential REIT and a diversified asset based Infrastructure Investment Trust (InvIT) per laws of India.
ITEM 8.01—OTHER EVENTS
Effective June 12, 2020, Registrant, continuing its efforts to extend opportunities for its stakeholders, affiliates, associates and itself, has submitted a preliminary expression of interest to participate in and/or facilitate participation in resolving the ongoing corporate insolvency of Asian Colour Coated Ispat Limtied (“ACCIL” or “Corporate Debtor”). The Registrant intends to extend a value proposition, for and on behalf of its strategic investors, for the acquisition of ACCIL in excess of the current offer in place from the previous Bid Winner. The Registrant has not advanced to the stage of signing of a Memorandum of Understanding for moving forward with ACCIL. However, the Registrant is in active pursuit of this and made its representation to Creditors Committee of the Target Company.
THERE IS NO GUARANTEE THAT THE REGISTRANT WILL BE ABLE TO MATERIALISE NEGOTIATIONS AND EXPRESSION OF INTEREST INTO A MEMORANDUM OF UNDERSTANDING OR BINDING ARRANGEMENT. THERE IS ALSO NO GUARANTEE THAT THE REGISTRANT WILL BE ABLE TO ARRANGE MONIES AND THE TRANSACTION WILL CONSUMATE. FAILURE SHALL MEAN LOSS OF TIME, MONEY, RESOURCES AND OPPORTUNITISTIC INVESTMENT LOSS, VALUE AND INCOME THAT THE REGISTRANT OTHERWISE IS EXPECTING TO GAIN.
Effective June 15, 2020, Registrant is evaluating Reliance Naval and Engineering Company Limited (“RNEL”) for acquisition by few of its strategic investors. Registrant is in the process of appointing transaction advisers and a legal team for conducting due diligence. Once due diligence is complete with valuation, the Registrant intends to structure and place a bid for the target, RNEL, on behalf of stakeholders.
THERE IS NO GUARANTEE THAT THE REGISTRANT WILL BE ABLE TO ARRANGE MONIES AND THE TRANSACTION WILL CONSUMMATE. FAILURE SHALL MEAN LOSS OF TIME, MONEY, RESOURCES AND OPPORTUNISTIC INVESTMENT LOSS, VALUE AND INCOME THAT THE REGISTRANT OTHERWISE IS EXPECTING TO GAIN.
Registrant, along with a group of investors, is gearing itself to express interest and participate in the Follow-on-Public Offer (‘FPO’) of a large private bank in India that recently went into troubles and financial distress and now setting back into normalcy. Registrant intends to acquire 4.99% of the post-diluted equity stock of the Bank and towards this, it is working with several intermediaries, legal and regulatory framework, including engagement of Investment Managers in US & India, Category 1 Foreign Portfolio Investors, and Custodians to pipeline the transaction. Registrant is also in advanced discussions with a few Indian Mutual Funds to sponsor an Indian Alternate Investment Fund (AIF), with $2.40 Billion corpus, into which Registrant’s domestic investors would be investing contribution monies for onward investments into listed and unlisted stocks’ long or short position. An Indian Securities Exchange Board of India registered Category 3 Alternative Investment Fund is structured like a Hedge Fund. Registrant is also researching, with experts engaged, to determine if it will be able to organize unsponsored American Depository Receipts to facilitate its investors and stakeholders to trade these instruments on the US OTC by filing and registering these depository receipts with SEC that will have a cover of the stocks that Registrant’s Investors will purchase through FPI Cat1 and kept with an Indian Custodian. The Regulatory Framework that the Indian Securities Exchange Board issued is unclear on the issuance of unsponsored Depository Receipts but if the efforts turn into fruition Registrant will gain traction in consulting for other listed entities in India to follow similar route to attract capital in the US Markets.
