Following news that a definitive purchase agreement will close during the first quarter of the 2024, it has now been revealed that the shareholders of Playmaker Capital Inc. have officially validated the purchase of the company by Better Collective through a plan of arrangement according to the Business Corporation Act (Ontario). The approval came during the special shareholders meeting that took place during Jan. 22.
The majority of shareholders agree to the acquisition:
According to the Businesswire, the completion of the aforementioned arrangement needs the validation of:
- the majority of the votes cast at the Meeting by proxy or in person of the Firm’s Shareholders, excluding the votes of persons whose votes must be excluded in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions
- minimum of two-thirds of the votes cast at the Meeting by proxy or in person by Firm’s Shareholders
Validation by the aforementioned shareholders represent a step closer to the expected conclusion of the purchase deal. In addition, 99.999% of the total number of votes supported the purchase, with only 0.001% were against it. The purchase stays subject to validation by the minister of Canadian heritage and the Ontario Superior Court of Justice.
However, extra closing terms have to also be fulfilled in order for the said deal to be concluded. If everything goes smoothly, the purchase will be concluded during the early period of February.
Main reasons for the purchase:
For Better, this aforementioned agreement will help it officially become the market leader for the South American region and improve its leadership in North America. To fund the acquisition, the mentioned firm will utilize stocks for 65% and 35% of the money. The related firm will revise its “financial targets” for 2023 up to 2027 after the acquisition gets completed.
Relatedly, the purchased firm Playmaker Capital, headquartered in Toronto, has its stake recorded on the OTCQX in the US and the TSX Venture Exchange in Canada. In addition, its sports media brands involve Yardbarker, Futbolsites.net and the Nation Network, all of which will be acquired by the aforementioned firm.
Better Collective has been able to recognize the common good from improved scale and higher levels of investment in technology, product and marketing. Additionally, it projects to increase its audience of sports enthusiasts in America from the aforementioned acquisition.
According to the terms of the transaction, common stockholders of Playmaker will get a payment of CA$0.70 per share. JPG Investments and Relay Investments, the two biggest shareholders of Playmaker own a mixed 24% of stakes. Additionally, both of them will invest part of their Playmaker stakes for the shares of Better.
Furthermore, this bigger stakeholder sale will be made up of approximately 75% of Better’s stakes and 25% of money. Also, both stakeholders have officially signed lock-up deals, which prohibit the sale of their stakes of the Better Collective for a certain time frame.
In addition to the aforementioned purchase, Better Collective is also purchasing Playmaker HQ, the US-based sports media firm.
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