The Melrose Ventures Group Makes Take-Over Bid on Hank Payments Corp
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 ha annunciato un'offerta di acquisizione per Hank Payments Corp (HNKPF), proponendo 0,09 CAD per azione in contante. L'offerta mira ad acquisire 8,5 milioni di azioni, sufficienti a garantire una partecipazione di controllo del 51%. Il gruppo Melrose Ventures detiene attualmente il 20,53% della proprietà tramite azioni dirette e indirette. Il periodo di offerta va dal 2 novembre al 31 dicembre 2024. L'obiettivo è acquisire il controllo, cambiare la gestione e ripristinare il valore dell'azienda riportando indietro i fondatori. L'offerta rappresenta un premio rispetto al prezzo pre-annuncio di 0,045 CAD.
Melrose Ventures ha anunciado una oferta de adquisición para Hank Payments Corp (HNKPF), ofreciendo 0,09 CAD por acción en efectivo. La oferta tiene como objetivo adquirir 8,5 millones de acciones, suficientes para asegurar una participación de control del 51%. El grupo Melrose Ventures actualmente posee el 20,53% de la propiedad a través de acciones directas e indirectas. El período de la oferta va del 2 de noviembre al 31 de diciembre de 2024. El propósito es adquirir el control, cambiar la gestión y restaurar el valor de la empresa trayendo de vuelta a los fundadores. La oferta representa una prima sobre el precio previo al anuncio de 0,045 CAD.
멜로즈 벤처스는 행크 페이먼츠 코퍼레이션 (HNKPF)에 대해 주당 0.09 캐나다 달러의 현금 인수 제안을 발표했습니다. 이 제안은 850만 주를 인수하여 51%의 지배적 지분을 확보하는 것을 목표로 하고 있습니다. 멜로즈 벤처스 그룹은 현재 직접 및 간접 주식을 통해 20.53%의 소유권을 보유하고 있습니다. 제안 기간은 2024년 11월 2일부터 12월 31일까지입니다. 목적은 통제를 인수하고, 경영을 변경하며, 회사를 복구하기 위해 창립자를 다시 데려오는 것입니다. 이 제안은 발표 전 가격인 0.045 캐나다 달러에 대한 프리미엄을 나타냅니다.
Melrose Ventures a annoncé une offre publique d'achat pour Hank Payments Corp (HNKPF), proposant 0,09 CAD par action en espèces. Cette offre vise à acquérir 8,5 millions d'actions, suffisant pour sécuriser une participation de contrôle de 51%. Le groupe Melrose Ventures détient actuellement 20,53% de propriété par le biais d'actions directes et indirectes. La période d'offres s'étend du 2 novembre au 31 décembre 2024. L'objectif est de prendre le contrôle, de changer la direction et de restaurer la valeur de l'entreprise en ramenant les fondateurs. L'offre représente une prime par rapport au prix avant l'annonce de 0,045 CAD.
Melrose Ventures hat ein Übernahmeangebot für Hank Payments Corp (HNKPF) angekündigt, bei dem 0,09 CAD pro Aktie in bar angeboten werden. Das Angebot zielt darauf ab, 8,5 Millionen Aktien zu erwerben oder genug, um eine kontrollierende Beteiligung von 51% zu sichern. Die Melrose Ventures Group hält derzeit eine Eigentumsquote von 20,53% durch direkte und indirekte Aktien. Der Angebotszeitraum erstreckt sich vom 2. November bis 31. Dezember 2024. Das Ziel ist es, die Kontrolle zu übernehmen, das Management zu ändern und den Unternehmenswert wiederherzustellen, indem die Gründer zurückgebracht werden. Das Angebot stellt eine Prämie gegenüber dem Preis vor der Bekanntgabe von 0,045 CAD dar.
- 100% premium offered over current market price (CAD $0.09 vs $0.045)
- Cash offer provides immediate liquidity for shareholders
- Founders returning to management could potentially improve company performance
- Take-over bid is subject to due diligence conditions
- Potential management instability during transition period
- Low trading volume (17,786 shares 6-month average) may affect bid execution
Founders of the business to return to rebuild the company and recreate value
Take-Over Bid Circular
Form 62-104F1
Item 1. Name and description of offeror
Name of offeror: Melrose Ventures
Description: Melrose Ventures is a Florida LLC involved in investment and acquisition activities.
Item 2. Name of offeree issuer
Name of offeree issuer: Hank Payments Corp. Hank.v HNKPF- OTC
Item 3. Securities subject to the bid
Class and number of securities: Common shares
Number of securities: 8.5 million shares or the number of shares necessary to bring Melrose Ventures' stake above
51% .
Item 4. Time period
Commencement date: November 2, 2024
Expiration date: 12/31/2024
Item 5. Consideration
Consideration offered: CAD
$0.09 per share in cash
Item 6. Ownership of securities of offeree issuer
Direct
Melrose Venture Group of Joint Actors: 0 shares (prior to the takeover)
Intelligent Payment Processing Inc: 6,836,767 shares directly owned and controlled FOUNDERS SHARES
Shawn Carden: 950,000 shares directly owned and controlled FOUNDERS SHARES
First Canadian Capital Corp: 500,000 shares directly owned and controlled
Total Direct ownership by Melrose Ventures Group Joint Actors: 8,286,767 shares, approximately
11.33% of the 73.15MM issued & outstanding shares
Indirect
Intelligent Payment Processing Inc:
29.95% of Uptempo Incs 17,420,243 shares = 5,217,362- FOUNDERS SHARESShawn Carden:
8.58% of UpTempo Incs 17,420.243 shares = 1,494,647- FOUNDERS SHARESTotal indirect ownership by Melrose Ventures Group Joint Actors:6,712,018 shares approximately
9.2% of the 73.15MM issued & outstanding shares
Total Direct and Indirect Ownership
20.53%
Item 7. Trading in securities of offeree issuer
No securities were purchased or sold by the persons referred to in item 6 during the 6-month period preceding the date of the take-over bid.
Item 8. Commitments to acquire securities of offeree issuer
No additional agreements, commitments, or understandings to acquire securities of the offeree issuer beyond the current tender offer.
Item 9. Terms and conditions of the bid
Terms: The offer is subject to due diligence regarding the number of shares required for control and the management's public statements about the business's revenue and nearing cash flow positivity from operations.
Item 10. Payment for deposited securities
Method and time of payment: Payment will be made in cash upon acceptance and closing of the offer.
Item 11. Right to withdraw deposited securities
Withdrawal rights: Security holders may withdraw their deposited securities by sending a written notice to the designated depository, effective upon receipt by the depository.
Item 12. Source of funds
Source of funds: Melrose Ventures LLC
Item 13. Trading in securities to be acquired
Principal market: TSX Venture Exchange (TSX.V)
Volume of trading and price range: 6 month avg volume (3M)- 17,786 &
$0.04 -$0.06 5 CADDate of announcement: November 2, 2024
Market price before announcement:
$0.04 5 CAD
Item 14. Arrangements between the offeror and the directors and officers of offeree issuer
No agreements, commitments, or understandings between the offeror and any of the directors or officers of the offeree issuer.
Item 15. Arrangements between the offeror and security holders of offeree issuer
No agreements, commitments, or understandings between the offeror and any security holder of the offeree issuer.
Item 16. Arrangements with or relating to the offeree issuer
No agreements, commitments, or understandings between the offeror and the offeree issuer that could affect control of the offeree issuer.
Item 17. Purpose of the bid
Purpose: To acquire a controlling interest in Hank Payments Corp, Change Board of Director and Management. Replace with founders to build back the business and its share value.
Item 18. Valuation
Not applicable as the take-over bid is not an insider bid.
Item 19. Securities of an offeror or other issuer to be exchanged for securities of offeree issuer
Not applicable as the consideration is in cash.
Item 20. Right of appraisal and acquisition
Rights of appraisal: N/A
Right of acquisition: N/A
Item 21. Market purchases of securities
The offeror may purchase in the market securities that are the subject of the take-over bid.
Item 22. Approval of take-over bid circular
The take-over bid circular has been approved and its sending has been authorized by the Manager of Melrose Ventures LLC.
Item 23. Other material facts
No other material facts concerning the securities of the offeree issuer or other matters not disclosed in the take-over bid circular.
Item 24. Solicitations
Disclose any person retained by or on behalf of the offeror to make solicitations in respect of the take-over bid and the particulars of the compensation arrangements.
Item 25. Statement of rights
The following statement of rights is provided under the securities legislation of the jurisdictions relating to this circular: Securities legislation in the provinces and territories of Canada provides security holders of the offeree issuer with, in addition to any other rights they may have at law, one or more rights of rescission, price revision or to damages, if there is a misrepresentation in a circular or notice that is required to be delivered to those security holders. However, such rights must be exercised within prescribed time limits. Security holders should refer to the applicable provisions of the securities legislation of their province or territory for particulars of those rights or consult a lawyer.
Item 26. Certificate
The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances in which it was made
Item 27. Date of take-over bid circular
The date of the take-over bid circular is 11/05/2024
SOURCE: Melrose Ventures
View the original press release on accesswire.com
FAQ
What is the offer price for Hank Payments Corp (HNKPF) in the Melrose Ventures takeover bid?
When does the Melrose Ventures takeover bid for HNKPF expire?
How many shares is Melrose Ventures seeking to acquire in HNKPF?
What is Melrose Ventures' current ownership percentage in HNKPF?
