Counsel Corporation CXSNF

Finally - CXS will pay us the Heritage Global shares

[sculpin2]

Prospectus on SEDAR....

HERITAGE GLOBAL INC.
 

 Common Shares
 

This prospectus (“Prospectus”) is being filed with the securities regulatory authorities in each of the provinces of

Canada (the “Qualifying Jurisdictions”) to enable Heritage Global Inc. (the “Company”) to become a “reporting

issuer” pursuant to the securities legislation of the Qualifying Jurisdictions and to qualify the distribution of 

common shares of the Company (the “Dividend Shares”) held by Counsel Corporation (“Counsel”) to the

shareholders of Counsel as a dividend-in-kind (the “Dividend”). No proceeds will be raised and all expenses in

connection with the preparation and filing of this Prospectus will be paid in equal portions by the Company and

Counsel.

Counsel intends to declare a dividend to holders of its common shares (the “Counsel Common Shares”) of the

Dividend Shares on the basis of one Dividend Share for every  Counsel Common Shares held on the Record Date

(as hereinafter defined), provided that the Dividend will be subject to applicable securities laws and any applicable

withholding taxes and no holder will be entitled to receive any fractional interests in Dividend Shares. Holders that

would otherwise be entitled to a fractional Dividend Share will not receive a cash payment. The record date (the

“Record Date”) for the dividend is expected to be on or about , 2014.

[munibags]

Thanx Sculpin2, Here's the link. https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00035546 Munibag$

[Boolish]

So that prospectus says CXS holders will get Heritage paper on a 1 for 1 basis. From the prospectus.... "The last quoted price of the Heritage Common Shares on the OTC market on February 21, 2014 was $0.62." So this isn't rocket science but if I own 10,000 shares of CXS I am entitled to 10,000 shares of Heritage. Pretty sweet windfall.....

[poubelle1]

How does t his improve shareholder value? The stock will drop by ~60 cents once the assets are dividended out.

[ahs]

Uhh, not too fast.  Heritage has 28m shares out vs 90m for CXS.  Works out at about 3:1.

[Hassel]

Counsel only owns 76% of that 28 million shares. So it will probably 4:1

[mjh9413]

2014 has a lot of days left...this does not change the picture on the distribution at all. We still don't now when in 2014 BUT we do know there will be no fractions and no cash for fractions. and, as already remarked, that value will come out of CXS sp and HGBL sp will probably sink like a stone as who really wants to hold it..not worth the value shown in the proportion distribution. Just have

[rozelli]

I wouldnt say disaapointing..that would have us at $1.50 levels

[Hassel]

Counsel gave us Terra Firma at .30 and it is now at .50 and looks like it will go much higher with the latest announcement. Hopefully HGBL will do the same.