03.04.2015 05:31:35
|
Premier Exhibitions To Acquire Canada-based Dinoking Tech - Quick Facts
(RTTNews) - Premier Exhibitions, Inc. (PRXI), a provider of museum-quality touring exhibitions said it has entered into a definitive merger agreement with Canada-based Dinoking Tech Inc., the holding company of traveling exhibition company Dinosaurs Unearthed.
Under the terms of the deal, Premier will acquire all outstanding shares of Dinoking Tech or DK, of which Daoping Bao is the principal shareholder, for a total consideration of $6.4 million. The consideration will be payable in Premier shares or shares exchangeable for Premier shares at transaction close.
Premier has also agreed to future contingent payments to the DK shareholders of up to $8.6 million payable in either cash or stock, if certain milestones are reached.
In addition, an Investor Group will invest up to $13.5 million in Premier through convertible debentures carrying an interest rate of 12 percent per annum and a conversion price of $4.48 per share. The funding will be used by Premier to repay $8 million of existing debt and $5.5 million for corporate purposes.
Upon the closing of the transaction, the DK shareholders and the Investor Group will hold 47 percent of the outstanding Premier voting shares, subject to additional contingent payments, and the right to nominate four out of seven board members. Bao will become the Executive Chairman, President and Chief Executive Officer of Premier, while DK will become an indirect wholly-owned subsidiary.
The transaction has been approved by the Board of Directors of Premier. Premier's principal shareholder, Sellers Capital, as well as the directors and officers of the company have agreed to vote in favor of the transaction. The transaction, subject to Premier shareholder approval, is expected to be completed in August 2015.
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Premier Exhibitions IncShsmehr Nachrichten
Keine Nachrichten verfügbar. |