Post by
modulex on Jan 18, 2017 6:03pm
CATACLYSM PAPER
The transaction is not approved by minority shareholders, but by major, corporate shareholders. This means that the 4 major shareholders: Oaktree Capital Management, L.P., Mudrich Capital Management, L.P., Cyrus Capital Partners, L.P. and Stonehill Capital Management, LLC (owning approximately 79% of the outstanding Common Shares are providing Catalyst Paper with a US$135 million, 5-years loan and become entitled to own 95% of CYT common shares. Catalyst Board of Directors is accepting that minority shareholders receive an aggregate of C$2.2 million or $0.50/share to take the company private, which is totally insane. Why did Catalyst Board of Directors has not decided to issue common shares for the US135 million loan? The May 23, 2016 Kejriwal International Group (KIG) proposal was to acquire the minority shares, not the one held by the Principal Securityholders in the amount of $6.00/share. 1.common shares would be acquired for C$6.00 per share, except those held by the Principal Securityholders which would be exchanged for interests in a new junior convertible term loan; 2.existing credit facilities would have their maturities extended, or be refinanced; 3.existing PIK toggle senior secured notes due October 2017 would be exchanged for interests in a new 5-year US$260.5 million term loan; 4.KGI would commit to equity investments on or after closing of (i) C$25 million in the Company and (ii) C$35 million in a newly formed guarantor of the new term loans entered into as part of the transaction; and 5.trade and other obligations would remain unaffected. Something is WRONG. How can Catalyst explain the benefit of a transaction by which minority shareholders receive $6.00/share and a few months later change their course of action and accept that these minority shareholders now receive $0.50/share.
Comment by
grantoue on Jan 18, 2017 6:53pm
well i know the only way to get our money back is to sue them for damages. There is no way that we should accept 50 cents. there is a total of 14 million shares . you could buy the company for 7 million. the company must have more value then that if they are willing to lend the company 135 million. nobody would lend that much money unless they could see light at the end of the tunnel.
Comment by
grantoue on Feb 07, 2017 5:30pm
I made a written complaint to the B.C. Security and exchange commision today.
Comment by
georgesorelose on Feb 07, 2017 6:46pm
Well done bud Post the complaint and well will all submit a modified copy of it Well done, yur one of the good guys out there,....indeed Geo PS - I lost on this too
Comment by
grantoue on Feb 07, 2017 9:13pm
George if I am the only one that complains not much will happen. It is pretty basic to file a complaint ! just go on the website and explain what you see happened and how we were all mislead .
Comment by
grantoue on Feb 07, 2017 9:14pm
I really feel our shares were stolen.
Comment by
Chevro01 on Feb 07, 2017 10:42pm
You are Dam Right,a BIG BIG steal RIGHT IN OR POCKETS......
Comment by
grantoue on Feb 16, 2017 4:28pm
Well I got a letter back and of course they are not the people to talk too. They suggest I get a lawyer to look into our shareholder rights and investigate the claim i believe we have.. too bad they stole 70000 from me and i can't afford to hire a lawyer for 400 per hr.