At the Meeting, the holders of Restricted Voting Units and Proportionate Voting Units (collectively, the "Unitholders") will be asked to pass a special resolution relating to the proposed plan of arrangement (the "Arrangement") involving SVX. The Arrangement is subject to the approval of at least 662/3% of the votes cast on such resolution by Unitholders virtually present or represented by proxy at the Meeting, voting together as a single class. In addition, holders of the Restricted Voting Units will be asked to pass a special resolution to extend the date by which SVX has to consummate a qualifying transaction from
The Arrangement will be carried out pursuant to the terms of the amended and restated definitive agreement dated
Meeting and Meeting Materials
The Meeting, which has been rescheduled to
Meeting materials, including a notice of special meeting of Unitholders, management information circular and form of proxy, are scheduled to be mailed to Unitholders of record as of
Unitholders should carefully review all Meeting materials as they contain important information concerning the Arrangement and the rights and entitlements of the Unitholders.
NEO Acceptance of Qualifying Transaction
SVX also announces today that
As previously announced by SVX, the Qualifying Transaction investment highlights include:
- Proven Business Model – The most profitable company in
Israel's growing legal cannabis market with a Q4 2020 expected EBITDA annualized run rate of greater thanUS$10 million and positive free cash flow - First Mover Advantage – Significant share of medical market, which grew 40% in 2020; First company to import medical grade cannabis to
Israel ; Positioned to capitalize on the legalization of recreational cannabis - Progressive Operational Platform – Highly profitable, vertically integrated medical cannabis platform
- Key Partnerships – Canndoc's exclusive partnerships with leading cannabis brands and suppliers include Cookies, Charlotte's Web, Aphria, Tilray, Organigram, and more
- Robust Balance Sheet to Support Expansion – Cash to drive significant expansion organically and through strategic M&A; Expected expansion of cultivation to over 90 tons per year; Expected to open four additional pharmacies in 2021
- Experienced Management Team – Following the closing of the Transaction, Canndoc will continue to be led by its experienced executive team with deep knowledge of the cannabis industry, and operational expertise in the agriculture technology and pharmaceutical industries:
Alex Rabinovitch , Chief Executive OfficerAmos Cohen , Chief Financial OfficerRami Levy , Chief Operating OfficerMoshe Gavrilov , Chief Marketing Officer
Completion of the Qualifying Transaction is expected in remains subject to the satisfaction or waiver of certain customary conditions including, among other things, (a) requisite shareholder and regulatory approvals and (b) approval to list the shares of the combined company on Nasdaq.
About
Subversive Acquisition LP is a limited partnership established under the Limited Partnerships Act (
For more information, visit https://www.subversivecapital.com/svx.
About
For more information, visit www.subversivecapital.com
About
InterCure (TASE: INCR) is the first public company on the Tel Aviv Stock Exchange to hold a valid and permanent license for the medical cannabis value chain through its 100% ownership in Canndoc. Canndoc is a GMP medical cannabis producer. Licensed by the
Forward–Looking Statements
This press release may contain forward–looking information within the meaning of applicable securities legislation, which reflects SVX's and its general partners' current expectations regarding future events, including with respect to its qualifying transaction. Forward-looking statements in this news release include, but are not limited to, statements relating to: the terms of the Arrangement (including the terms, timing, closing, likelihood of completion and conditions thereof), the timing and location of the Meeting and the mailing of certain materials relating to the Meeting, and the timing thereof. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond SVX's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. SVX does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE
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