Bespoke Capital Files Amendment to S-4 Registration Statement for Proposed Combination
Bespoke Capital Acquisition Corp. (NASDAQ: BSPE) announces a shareholder meeting on May 6, 2021, urging shareholders of record on March 31, 2021, to vote FOR three resolutions. These include extending the investment timeline to July 30, 2021, approving the business combination with Vintage Wine Estates (VWE), and redomestication to Nevada. Notably, a $100 million private placement at $10.00 per share was recently announced. Shareholders have specific redemption rights, allowing opportunities to revocation until May 3, 2021, and again post-final prospectus filing.
- Announced $100 million private placement of common stock at $10.00 per share.
- Upcoming shareholder meeting to approve key resolutions, potentially supporting business growth.
- Shareholder redemption rights allow flexibility for investors leading up to and after the meeting.
- Failure to approve resolutions could lead to the winding up of BCAC.
- Potential delays or complications in closing the business combination with VWE due to regulatory approvals.
Shareholder meeting expected to be held on May 6, 2021
The BCAC Board of Directors urges shareholders of record as of March 31, 2021, to vote FOR each of the resolutions
TORONTO and SANTA ROSA, Calif., April 28, 2021 (GLOBE NEWSWIRE) -- Bespoke Capital Acquisition Corp. (NASDAQ: BSPE) (TSX: BC.U) (TSX: BC.WT.U) announced today that it has filed with the U.S. Securities and Exchange Commission ("SEC") an amendment to its registration statement on Form S-4, which includes a preliminary consent solicitation statement/prospectus, in connection with its proposed business combination with Vintage Wine Estates (“VWE”), one of the fastest growing U.S. wine producers with an industry leading direct-to-customer platform.
The amended Registration Statement contains additional information regarding the proposed BCAC-VWE business combination, including:
- The recently announced
$100 million private placement of common stock at$10.00 per share to funds managed by Wasatch Global Investors, including updated pro forma financial statements under the caption “Unaudited Pro Forma Condensed Combined Financial Information.” - Additional information regarding amounts to be received by equity holders of VWE, as well as BCAC’s sponsor and affiliates, under the caption “Questions and Answers.”
- Information about BCAC shareholder’s redemption rights, under the caption “Questions and Answers.”
- Prior to 4:00 p.m. (EDT) on May 3, 2021, holders of Class A Restricted Voting Shares of BCAC have a right to deposit their shares for redemption in connection with the vote to approve an extension of the permitted timeline to complete the qualifying acquisition. BCAC has agreed that it will allow any shareholder who previously submitted a redemption request to revoke their redemption until the redemption deadline.
- Holders of Class A Restricted Voting Shares will also have a second redemption right that will extend for at least 20 business days after the final prospectus is filed with Canadian regulators and BCAC’s registration statement is declared effective by the SEC. Accordingly, shareholders will have a second opportunity to redeem their Class A Restricted Voting Shares prior to the completion of the transaction if they choose not to redeem at this time.
- Prior to 4:00 p.m. (EDT) on May 3, 2021, holders of Class A Restricted Voting Shares of BCAC have a right to deposit their shares for redemption in connection with the vote to approve an extension of the permitted timeline to complete the qualifying acquisition. BCAC has agreed that it will allow any shareholder who previously submitted a redemption request to revoke their redemption until the redemption deadline.
BCAC urges its shareholders to carefully review the Registration Statement filed with the SEC in connection with their consideration of the proposed transactions. The Registration Statement is available free of charge at www.sec.gov and www.sedar.com, as well as at www.bespokespac.com/investor-relations and www.vintagewineestates.com/investors.
BCAC Shareholder Meeting on May 6, 2021
Three important resolutions have been put forward for BCAC shareholders to approve at the upcoming May 6th shareholder meeting:
1) Approval of extension of the permitted investment timeline to July 30, 2021.
2) Approval of the transaction with VWE.
3) Approval of the redomestication of BCAC from British Columbia to Nevada.
Voting on these measures will not adversely affect other BCAC shareholder rights, including rights to cause BCAC to redeem their shares later, or affect the BCAC warrants. However, the failure to approve these measures could adversely affect the proposed VWE combination and may result in BCAC being wound-up and the BCAC warrants expiring without value.
The BCAC Board of Directors urges shareholders of record as of March 31, 2021, to vote FOR each of the resolutions.
If BCAC’s registration statement is not declared effective by the SEC prior to May 6, 2021, BCAC expects to seek to approve the extension resolution at the meeting, but may adjourn or postpone the votes on approval of the transaction and redomestication to comply with SEC requirements.
Forward-Looking Statements
Some of the statements contained in this document are forward-looking statements within the meaning of U.S. securities laws and forward-looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “model,” “outlook,” “plan,” “pro forma,” “project,” “seek,” “should,” “will,” “would” or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding closing of the investment and the transaction and the shareholder meeting and its business. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BCAC’s management and are not guarantees of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of BCAC. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: the effect of economic conditions on the industries and markets in which VWE operates, including financial market conditions, fluctuations in prices, interest rates and market demand; the ability of the parties to successfully or timely consummate the transactions, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the transactions or that the approval of the shareholders of BCAC or VWE is not obtained; failure to realize the anticipated benefits of the transactions; risks relating to the uncertainty of the projected financial information; the effects of competition on VWE’s future business; risks related to the organic and inorganic growth of VWE’s business and the timing of expected business milestones; the amount of redemptions, if any, made by BCAC’s shareholders in connection with the transactions; the requirement for Wasatch to fund the subscription price on closing; the potential adverse effects of the ongoing COVID-19 pandemic on VWE’s business and the U.S. economy; declines or unanticipated changes in consumer demand for VWE’s products; the impact of environmental catastrophe, natural disasters, disease, pests, weather conditions and inadequate water supply on VWE’s business; VWE’s significant reliance on its distribution channels; potential reputational harm to VWE’s brands from internal and external sources; possible decreases in VWE’s wine quality ratings; possible departures from VWE’s or the combined company’s senior management team; integration risks associated with acquisitions; changes in applicable laws and regulations and the significant expense to VWE of operating in a highly regulated industry; VWE’s and the combined company’s ability to make payments on its indebtedness; and those factors discussed in documents of BCAC filed, or to be filed, with the U.S. Securities and Exchange Commission (“SEC”) or Canadian securities regulatory authorities. There may be additional risks that BCAC does not know or that BCAC currently believes are immaterial that could also cause actual results to differ from those expressed in or implied by these forward-looking statements. In addition, forward-looking statements reflect BCAC’s expectations, plans or forecasts of future events and views as of the date of this press release. BCAC undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.
Important Information and Where to Find It
In connection with the transactions, BCAC has filed (1) with the SEC a preliminary consent solicitation statement/prospectus and amendments thereto (the “Consent Solicitation Statement/Prospectus”), which includes a preliminary consent solicitation statement of VWE and a preliminary prospectus of BCAC to be distributed to BCAC shareholders and VWE shareholders; (2) with Canadian securities regulatory authorities a preliminary non-offering prospectus (the “Canadian Prospectus”) under Canadian securities laws to be distributed to BCAC shareholders; and (3) with Canadian securities regulatory authorities a management proxy circular (the “Proxy Circular”) under Canadian securities laws distributed to BCAC shareholders. INVESTORS AND OTHER SECURITY HOLDERS ARE URGED TO READ THE CONSENT SOLICITATION STATEMENT/PROSPECTUS, THE CANADIAN PROSPECTUS AND THE PROXY CIRCULAR, ANY AMENDMENTS THERETO AND ANY OTHER DOCUMENTS FILED BY BCAC WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BCAC, VWE AND THE TRANSACTIONS. When available, investors and security holders may obtain free copies of these documents and other documents, with respect to those filed with the SEC, at www.sec.gov, and with respect to those filed with the Canadian securities regulatory authorities, at www.sedar.com, or by directing a request to BCAC at 595 Burrard Street, Suite 2600, Three Bentall Centre, Vancouver, BC V7X1L3.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, CANADIAN SECURITIES REGULATORY AUTHORITIES OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING THEREOF OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants in the Solicitation
BCAC and VWE and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies or consents with respect to the transactions. Information about the directors and executive officers of BCAC and VWE and a description of their direct and indirect interests, by security holdings or otherwise, are set forth in the Consent Solicitation Statement/Prospectus, the Canadian Prospectus and the Proxy Circular. Additional information may be set forth in other relevant materials to be filed with the SEC and Canadian securities regulatory authorities regarding the transactions. Security holders, potential investors and other interested persons should read these materials carefully and in their entirety when they become available before making any voting or investment decisions. You may obtain free copies of these documents as indicated above.
No Offer or Solicitation
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of the Securities Act of 1933 or an exemption therefrom.
Contacts:
Investors
Mark Harms
Bespoke Capital Partners LLC
information@bespokecp.com
+44-207-016-8050
or
Media
Alecia Pulman
BespokePR@icrinc.com
FAQ
What is the date of the Bespoke Capital Acquisition Corp. shareholder meeting?
What resolutions will be voted on during the BCAC shareholder meeting?
How much is the private placement for Bespoke Capital Acquisition Corp.?
What are the redemption rights for BCAC shareholders?
What could happen if the resolutions are not approved in the BCAC shareholder meeting?
