Melrose Group Responds to Hank Payments Corp. Misstatement on Share Ownership
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.
Il Gruppo Melrose ha risposto alla dichiarazione della Hank Payments Corp. riguardo alla proprietà delle azioni. Il gruppo contesta l'affermazione di Hank secondo cui ci sarebbero 132.720.376 azioni in circolazione, sostenendo che il numero effettivo è di circa 73.150.000 azioni. La differenza deriva da 59.570.000 azioni aggiuntive soggette all'approvazione della Borsa valori TSX Venture, la quale non è ancora avvenuta. Il Gruppo Melrose mantiene la sua offerta di acquisto per almeno 8,5 milioni di azioni o abbastanza azioni per superare il 51% di proprietà a 9 centesimi per azione. Hanno in programma di presentare i documenti regolatori necessari e puntano a cambiare il consiglio di amministrazione per aumentare il valore per gli azionisti.
El Grupo Melrose ha emitido una respuesta a la declaración de Hank Payments Corp. sobre la propiedad de acciones. El grupo impugna la afirmación de Hank de que hay 132,720,376 acciones en circulación, sosteniendo que el número real es de aproximadamente 73,150,000 acciones. La diferencia proviene de 59,570,000 acciones adicionales sujetas a la aceptación de la Bolsa de Valores TSX Venture, la cual aún no ha ocurrido. El Grupo Melrose mantiene su oferta de compra de al menos 8.5 millones de acciones o suficientes acciones para superar el 51% de propiedad a 9 centavos por acción. Planean presentar los documentos regulatorios necesarios y apuntan a cambiar la junta directiva para aumentar el valor para los accionistas.
멜로즈 그룹은 행크 페이먼츠 코퍼레이션의 주식 소유에 관한 성명에 대한 응답을 발표했습니다. 이 그룹은 행크가 주장하는 132,720,376주의 유통 주식 수를 반박하며, 실제 주식 수는 약 73,150,000주라고 주장하고 있습니다. 이 차이는 TSX 벤처 거래소의 승인을 받지 못한 59,570,000주의 추가 주식에서 발생합니다. 멜로즈 그룹은 주당 9센트에 최소 850만 주를 구매하거나 51%의 소유권을 초과하는 만큼의 주식을 구매하겠다는 자발적인 오퍼를 유지하고 있습니다. 이들은 필요한 규제 문서를 제출할 계획이며, 주주 가치를 높이기 위해 이사회를 교체하는 것을 목표로 하고 있습니다.
Le Groupe Melrose a émis une réponse à la déclaration de Hank Payments Corp. concernant la propriété des actions. Le groupe conteste l'affirmation de Hank selon laquelle il existe 132,720,376 actions en circulation, affirmant que le nombre réel est d'environ 73,150,000 actions. La différence provient de 59,570,000 actions supplémentaires soumises à l'acceptation de la Bourse TSX Venture, ce qui n'est pas encore arrivé. Le Groupe Melrose maintient son offre d'achat d'au moins 8,5 millions d'actions ou suffisamment d'actions pour dépasser 51% de propriété à 9 cents par action. Ils prévoient de déposer les documents réglementaires nécessaires et visent à changer le conseil d'administration pour améliorer la valeur pour les actionnaires.
Die Melrose Group hat auf die Aussage der Hank Payments Corp. bezüglich des Aktienbesitzes geantwortet. Die Gruppe bestreitet die Behauptung von Hank, dass es 132.720.376 ausstehende Aktien gibt, und erklärt, dass die tatsächliche Zahl etwa 73.150.000 Aktien beträgt. Der Unterschied entsteht durch 59.570.000 zusätzliche Aktien, die der Genehmigung der TSX Venture Exchange unterliegen, die bisher nicht erteilt wurde. Die Melrose Group hält an ihrem Übernahmeangebot fest, mindestens 8,5 Millionen Aktien oder genug Aktien zu kaufen, um mehr als 51% des Eigentums zu übersteigen, zu einem Preis von 9 Cent pro Aktie. Sie planen, die notwendigen regulatorischen Dokumente einzureichen und streben an, den Vorstand zu ändern, um den Aktionärswert zu steigern.
- Tender offer price set at 9 cents per share for up to 51% ownership
- Strategic initiative to change board leadership for value creation
- Dispute over total outstanding shares indicates potential corporate governance issues
- Controversy over share count could delay or complicate the tender offer process
Clarification of Ownership Stake and Commitment to Regulatory Compliance
NAPLES, FL / ACCESSWIRE / November 6, 2024 / Melrose Ventures, a Florida LLC, along with its Joint Actors, collectively known as "The Melrose Group," wishes to respond to the statement issued by Hank Payments Corp. ("Hank" or the "Company") on November 4, 2024.
The Melrose Group stands by its previous announcement and wishes to clarify the regulatory requirements and the basis of our claims regarding our ownership stake in Hank Payments Corp.
Clarification on Ownership Stake
We believe there are currently approximately 73,150,000 shares outstanding for Hank Payments Corp. According to the rules and laws governing take-over bids and early warning requirements, the total number of shares outstanding for determining a toehold of
We believe that the current management of Hank Payments Corp. made a material misstatement by stating in the company's November 4th press release that "the number of issued and outstanding shares of the Company being 132,720,376 as of November 1, 2024." It is our understanding that in order for the 59,570,000 additional shares to have been issued via the Debenture Amendment announced on October 2, 2024, it would be subject to TSX Venture Exchange acceptance of regulatory filings. To our knowledge, the TSX Venture Exchange has not accepted such regulatory filings, and as such, the total number of shares outstanding is currently approximately 73,150,000 shares, on which the Melrose Group's tender offer is based.
Analysis of Misstatement
Hank Payments Corp. misinterprets the Melrose Group's statement by omitting the critical word "or." The Melrose Group stated: "We are increasing our tender offer to purchase a minimum of 8.5 million shares or the number of shares necessary to bring our stake above
In contrast, Hank's response claims that the intention to purchase a minimum of 8.5 million shares "does not make any sense" based on their inflated figure of 132,720,376 shares. By neglecting the "or," Hank misrepresents the Melrose Group's position, suggesting a misunderstanding of the tender offer's structure and intent.
The Melrose Group's Tender Offer
The Melrose Group's tender offer is for a cumulative total of
Relevant Law
The relevant law is found in the Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, which states: "The total number of shares outstanding for the purposes of determining a toehold of
Filing of Circular and Press Releases
The Melrose Group will ensure that all necessary documents, including the take-over bid circular and related press releases, are filed with the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. This will ensure full transparency and compliance with regulatory requirements.
Commitment to Due Process
We reiterate our commitment to conducting this take-over bid under the supervision of the Securities and Exchange Commission (SEC) and the Ontario Securities Commission (OSC). We believe in full disclosure to all stakeholders and will continue to pursue this bid in accordance with all applicable rules and regulations.
Melrose is committed to discussing among shareholders and ensuring that all shareholders have equivalent information. We will also engage in a candid discussion regarding the management's lack of performance and the omission of information about the real founders of the company in 2006.
Solicitation of Shareholders
The Melrose Group will actively solicit shareholders to join our group of joint actors. Our goal is to seek a change in the board of directors and to move the company towards the creation of value instead of diluting it. We believe that with the right leadership and strategic direction, Hank Payments Corp. can achieve significant growth and enhance shareholder value.
For any questions, please contact Michael Trimarco, Principal of Melrose Ventures & Intelligent Payment Processing, at 516-848-3388.
SOURCE: Melrose Ventures
View the original press release on accesswire.com
FAQ
What is the current tender offer price for Hank Payments Corp (HNKPF) shares?
How many shares of Hank Payments Corp (HNKPF) are currently outstanding according to Melrose Group?
What percentage of Hank Payments Corp (HNKPF) is Melrose Group attempting to acquire?
What is the minimum number of shares Melrose Group aims to purchase in their tender offer for HNKPF?
