GREY:LFDEF - Post by User
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Bazveston Dec 17, 2020 11:50am
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Post# 32128455
Shareholder equity (There is hope!)
Shareholder equity (There is hope!)In the stalking horse bid there is mention that UR (and I assume it's shareholders) would recieve 35% of the eventual newly formed entity. They use the terme BIDCO which means a wholly-owned Subsidiary of Borrower formed for the purpose of acquiring all or a portion of the Target shares as set forth in the Offer Document.
The paragraph is on page 35. https://syntheticapertureradar.com/wp-content/uploads/2020/10/Order-Made-after-Application-re-SISP-15-Oct-2020-4244-KB.pdf
As consideration for the purchase of the Secured Debt (as defined below) Bidco will issue to UrtheCast, for the benefit of the Secured Lenders (as defined below), 35% of Bidco's non-voting equity as of the date of Closing (the "Closing Date"), which would be governed by a shareholders and/or limited partnership agreement (in any case, a "Shareholders Agreement"), providing for governance and minority approval rights, pre-emptive rights, mandatory dilution for any non-participation in the equity component of the project financing raised to develop and launch the Project (Antarctica to finance a material portion of the costs for completing the Project) and other customary provisions. If and to the extent that UrtheCast determines to distribute any Bidco equity to its securityholders, such distribution will be conditional upon each recipient signing a joinder to the Shareholders Agreement, in form satisfactory to Antarctica