Melrose Ventures Announces Significant Stake in Hank Payments Corp and Takeover Bid Tender
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.
Melrose Ventures Group, insieme ai Joint Actors (The Melrose Group), ha annunciato un'offerta di acquisto per Hank Payments Corp (TSX.V:HANK) dopo aver acquisito oltre il 10% delle azioni. Il gruppo ha aumentato la sua offerta a CAD $0,09 per azione in contanti per un minimo di 8,5 milioni di azioni, o abbastanza per garantire il controllo del 51%, rappresentando un premio dell'80% rispetto alle recenti offerte dei detentori di debito.
Il gruppo è contrario al finanziamento proposto dalla gestione, che diluirebbe gli azionisti dell'80%. Sottolineano il calo del valore dell'80% della società dalla IPO di ottobre 2021 e la perdita di entrate e clienti dal aprile 2018. L'offerta deve essere completata prima di qualsiasi finanziamento, conversioni o acquisizioni annunciate da agosto.
Melrose Ventures Group, junto con los Joint Actors (The Melrose Group), ha anunciado una oferta de adquisición para Hank Payments Corp (TSX.V:HANK) tras adquirir más del 10% de las acciones. El grupo ha aumentado su oferta a CAD $0,09 por acción en efectivo por un mínimo de 8,5 millones de acciones o lo suficiente para asegurar el control del 51%, lo que representa un 80% de prima sobre las ofertas recientes de los tenedores de deuda.
El grupo se opone a la ronda de financiamiento propuesta por la dirección que diluiría a los accionistas en un 80%. Destacan la caída del 80% en el valor de la empresa desde la IPO de octubre de 2021 y la pérdida de ingresos y clientes desde abril de 2018. La oferta debe completarse antes de cualquier financiamiento, conversiones o adquisiciones anunciadas desde agosto.
멜로즈 벤처스 그룹은 공동 행동자(멜로즈 그룹)와 함께 행크 페이먼츠 주식회사 (TSX.V:HANK)에 대한 인수 제안을 발표했습니다. 그룹은 10% 이상의 지분을 인수한 후 주당 0.09 캐나다 달러의 현금으로 최소 850만 주, 또는 51%의 통제를 확보하기 충분한 액수의 인수 제안을 증가시켰습니다. 이는 최근 채권자 제안에 비해 80%의 프리미엄을 나타냅니다.
이 그룹은 주주를 80% 희석시키는 경영진의 자금 조달 제안에 반대하고 있습니다. 그들은 2021년 10월 상장 이후 회사 가치가 80% 감소했으며 2018년 4월 이후 수익과 고객이 감소했음을 강조합니다. 이 제안은 8월 이후 발표된 모든 자금 조달, 전환 또는 인수 전에 완료되어야 합니다.
Melrose Ventures Group, avec les Joint Actors (The Melrose Group), a annoncé une offre d'achat pour Hank Payments Corp (TSX.V:HANK) après avoir acquis plus de 10% des actions. Le groupe a augmenté son offre à 0,09 CAD par action en espèces pour un minimum de 8,5 millions d'actions ou suffisamment pour garantir le contrôle de 51%, représentant une prime de 80% par rapport aux offres récentes des créanciers.
Le groupe s'oppose à la levée de fonds proposée par la direction, qui diluerait les actionnaires de 80%. Ils soulignent la baisse de 80% de la valeur de l'entreprise depuis l'introduction en bourse d'octobre 2021 et la perte de revenus et de clients depuis avril 2018. L'offre doit être finalisée avant tout financement, conversions ou acquisitions annoncées depuis août.
Melrose Ventures Group hat zusammen mit den Joint Actors (The Melrose Group) ein Übernahmeangebot für Hank Payments Corp (TSX.V:HANK) angekündigt, nachdem über 10% der Anteile erworben wurden. Die Gruppe hat ihr Angebot auf 0,09 CAD pro Aktie in bar für mindestens 8,5 Millionen Aktien oder genug erhöht, um 51% Kontrolle zu sichern, was eine Prämie von 80% gegenüber den jüngsten Angeboten von Gläubigern darstellt.
Die Gruppe lehnt die vorgeschlagene Finanzierungsrunde des Managements ab, die die Aktionäre um 80% verwässern würde. Sie heben den 80%igen Wertverlust des Unternehmens seit dem IPO im Oktober 2021 sowie den Verlust von Einnahmen und Kunden seit April 2018 hervor. Das Angebot muss vor jeglicher Finanzierung, Umwandlungen oder seit August angekündigten Akquisitionen abgeschlossen werden.
- Premium offer price at CAD $0.09 per share, 80% above recent liability holder offers
- Potential change in management control to address declining performance
- 80% decline in company value since October 2021 IPO
- Loss of revenue and customers since April 2018
- Potential 80% shareholder dilution from proposed financing round
- Existing defaults and court claims against the company
The Melrose Ventures Group, the founders of the Hank Payments Corp Business and largest shareholders & debt holders, desire to operating and equity control to build back the business and its share value.
NAPLES, FL / ACCESSWIRE / November 4, 2024 / Melrose Ventures, a Florida LLC, along with its Joint Actors, collectively known as "The Melrose Group," is pleased to announce that it has acquired a "toe hold" position exceeding
On Saturday, November 2, 2024, the Melrose Group formally notified Hank Payments Corp's board of directors and legal representatives of its intention to submit a takeover bid. The offer was as follows:
"We hereby tender to purchase a minimum of 8.5 million shares or the number of shares necessary to bring our stake above
Despite not receiving a response, we have observed a press release indicating an attempt to close a financing round that would dilute current shareholders by
In light of these developments, the Melrose Group is increasing our tender offer to purchase a minimum of 8.5 million shares or the number of shares necessary to bring our stake above
This offer must be accepted and closed PRIOR to any financing, induced conversions, "target acquisitions," or other actions announced in management's press releases since August. The offer is subject to due diligence regarding the number of shares required for control and the on management's public statements earlier this year about the businesses revenue & nearing cash flow positivity from operations. Importantly, we require access to the same information shared with the Melrose Group as well as other stakeholders, including but not limited to stock, derivative, convertible debt and other liability holders, regarding the recent transactions related to "target acquisition" and its terms.
The Melrose Groups seeks to conduct this under the supervision of the SEC and the OSC, with whom have been in touch.
The Melrose Group believes full disclosure should be made to all stakeholders regarding our Groups debt, defaults, court claims, and other claims. as many of these have not been disclosed, particularly those involving Ewart/Hilmer's engagement and their entry into the business in 2018. The Hank Payments business operation, founded in 2006, was EBITDA positive with significantly more customers, clients, and revenue prior to hiring the Ewart/Hilmer management group in 2018. (Refer to case files: THE NINTH JUDICIAL CIRCUIT IN AND FOR ORANGE COUNTY, FLORIDA Filing #171568550 04/21/2023 & SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF SUFFOLK Index No.: 616187/2024)
The Melrose Group request that any other corporate actions, including the target acquisition and debt conversion inducement, be held until this takeover bid has concluded.
The Melrose Group requests management immediately notify all stakeholders of the shareholder meeting requisitions it made under Canadian law.
The Melrose group requires that information required the tender be released to it Immediately via computer share (account # c0000001686- Intelligent Payment Processing Inc.
For any questions please contact Michael Trimarco- Principal Melrose Ventures & Intelligent Payment Processing at 516 848-3388.
SOURCE: Melrose Ventures
View the original press release on accesswire.com
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