RE:RE:RE:RE:RE:October 1 2016 - No news???Hey Lumberfeverlong I think you should ask for your money back that you paid for your law degree.
It doesn't seem to be helping you much here. You weren't lying about that too were you?
Lumberfeverlong wrote: If accurate and I don't care to verify because I unlike you have a life, this means they likely did not defer. If that's the case, not good for the short thesis.
LaticelnExile wrote: Lumber, WTF? You claim that the company needs to close out their books for the quarter so investors should not expect to hear if they chose to defer 50% of the earnout? They signed an Amendment (filed November 23, 2015 on SEDAR) saying they have until September 30th to exercise their option for for deferral. You are a securities lawyers aren't you? Please explain now why you think they need to close out their books for the quarter? Is there some problem? -
AMENDMENT
With effect from the date of this Deed, clause 3.5 of the Sale and Purchase Agreement shall be amended so that the following sentence shall be deemed to be added after the first sentence of clause 3.5 (commencing by "Subject to Completion, [...]"):
"Notwithstanding the foregoing, the Buyer shall have the option (the "Deferral Option"), which shall be exercisable, in whole but not in part, at the Buyer's sole discretion at any time prior to 30 September 2016 by written notice to the Institutional Sellers' Representative and Management Sellers' Representative, to defer the payment of 50% of the Earn-Out Consideration to 1 February 2017 (the "Deferred Earn-Out Payment"), which Deferred Earn-Out Payment shall, if the Deferral Option is exercised, accrue interest daily at a rate of 8 per cent. per annum on the basis of a 365 day year from (and including) 1 November 2016 to (and including) 1 February 2017 (which additional interest consideration shall be deemed to be part of the Earn-Out Consideration)."
Lumberfeverlong wrote: People, the earn-out is based on performance to September 30th. The company needs to close its books for the quarter to determine whether if the earn-our is payable. I'm not sure until when they have to defer, but it must be a few weeks until ater the numbers for the quarter are finalized.
DanKwong1958 wrote: Why wasn't there any news? Was I only one who expected it? If the deferral wasn't taken, then wouldn't company want to tell this to shareholders so it could end the shorties speculation that they were going to put off half the payment I know they said that the payment to Cinven would be paid in full but they didn't exactly say HOW they would pay for it. If they draw on revolver I think share price would go down but I don't think they are obligated to tell investors if they use revolver loan to pay for it . Anyone know for sure or do we just find out in October more bad news. If news was good and they pay for it all with cash wouldn't they send out nice PR? What do people here think?