Silver Crest (NASDAQ:SLCR) disclosed in an 8-K this afternoon that it has revised its shares presented for redemption in connection with its combination with Tim Horton International (“THIL”)
Although Silver Crest held its special meeting to vote on its proposed merger on August 19, shareholders had until August 29 to reverse their redemption decisions. Additionally, Silver Crest and THIL agreed to extend the Termination Date to September 30, 2022, following the satisfaction or waiver of the conditions to closing.
At the time of the original meeting, nearly 99% of shareholders opted to redeem shares, but as of September 16, SLCR has reported that redemptions have been slightly lowered to 95.997%.
This means that holders of an aggregate of 33,118,864 out of the 34,500,000 shares of Silver Crest that are subject to redemption have redeemed their shares. While redemptions were lowered, they still are higher than the average rate of 83.52% in 2022 thus far.
Nonetheless, the parties now expect to close the deal on Wednesday, September 28. Following the consummation of the transaction, the ordinary shares and warrants of THIL are expected to begin trading on the Nasdaq under the symbols “THCH” and “THCHW”, respectively, on or around Thursday, September 29.
The deal, which was initially valued at $1.79 billion, but later reduced to $1.4 billion during an amendment in March, was announced on August 16, 2021. TH International is the exclusive operator of Tom Hortons (NYSE:QSR) coffee shops in China and recently announced an agreement to co-produce coffee products to sell in Easy Joy’s 27,800 stores with options to locate Tims coffee shops in these locations.
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