I finally got this email,
My apologies for not responding earlier but we were following up on this.
The per share merger consideration of approximately $0.044775 per share, of which approximately $0.011912 per share will be deposited into escrow to secure the Company’s indemnification obligations. The escrow is for the satisfaction of indemnification claims by Delphi, and if any amount remains in escrow on the 18th month anniversary of the closing which occurred on March 24, such amount (as reduced for any pending indemnification claims) will be released to the record holders (in this case DTCC/Cede & Co.)
PureDepth had outstanding indebtedness and other liabilities in excess of $9.5 million which had to be paid at closing which reduced the merger consideration accordingly. The outstanding shares at closing was approximately 122 million not 69 million.
Only record holders (in this case DTCC/Cede & Co) were able to exercise appraisal rights. The DTCC, has completed and returned the letter of transmittal to the paying agent, and the funds have been remitted to the DTCC. The DTCC will remit the funds to its participants and the participants will then remit funds to the beneficial holders. PureDepth is not able to provide the timeline for payment, as it depends on the DTCC and the participants. Unfortunately PureDepth does not have any control over this process or the timing thereof.
Regards,
Michael Laycock,
CFO & Company Secretary
PureDepth Incorporated Limited
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