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Melrose Ventures Group has expressed serious concerns about Hank's management's recent decisions and lack of transparency. The key issues include a controversial proposed acquisition that would give away 49% ownership for assuming $1M in debt, potential shareholder dilution of approximately 80% through convertible debt modifications, and management's refusal to engage in dialogue with shareholders. Melrose's tender offer stands at 9 cents per share, offering an 80% premium over management's proposed 5 cents per share pricing. The company has experienced a 95% stock decline since going public in October 2021, with stagnant customer base and revenue growth.
The Melrose Group has issued a response to Hank Payments Corp.'s statement regarding share ownership. The group disputes Hank's claim of 132,720,376 outstanding shares, asserting that the actual number is approximately 73,150,000 shares. The difference stems from 59,570,000 additional shares subject to TSX Venture Exchange acceptance, which hasn't occurred yet. The Melrose Group maintains its tender offer to purchase either a minimum of 8.5 million shares or enough shares to exceed 51% ownership at 9 cents per share. They plan to file necessary regulatory documents and aim to change the board of directors to enhance shareholder value.
Melrose Ventures has announced a take-over bid for Hank Payments Corp (HNKPF), offering CAD $0.09 per share in cash. The bid aims to acquire 8.5 million shares or enough to secure a 51% controlling stake. The Melrose Ventures Group currently holds 20.53% ownership through direct and indirect shares. The bid period runs from November 2 to December 31, 2024. The purpose is to acquire control, change management, and restore the company's value by bringing back founders. The offer represents a premium over the pre-announcement price of CAD $0.045.
Melrose Ventures and its joint actors have announced a takeover bid for Hank Payments Corp, aiming to acquire a controlling interest by purchasing a minimum of 8.5 million shares or enough to exceed 51% ownership. The group currently holds a combined direct and indirect ownership of 20.53% (approximately 15 million shares) of the company's 73.15 million outstanding shares. The joint actors include Intelligent Payment Processing Inc, Shawn Carden, and First Canadian Capital Corp. Their stated purpose is to acquire controlling interest and rebuild the business and share value.
Melrose Ventures Group, along with Joint Actors (The Melrose Group), has announced a takeover bid for Hank Payments Corp (TSX.V:HANK) after acquiring over 10% stake. The group increased its tender offer to CAD $0.09 per share in cash for a minimum of 8.5 million shares or enough to secure 51% control, representing an 80% premium over recent liability holder offers.
The group opposes management's proposed financing round that would dilute shareholders by 80%. They highlight the company's 80% value decline since October 2021 IPO and loss of revenue and customers since April 2018. The offer must be completed before any financing, conversions, or acquisitions announced since August.
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