SPACInsider Logo
Silver Crest (SLCR) Revises Redemption Numbers for Tim Hortons China Deal
Silver Crest (SLCR) Revises Redemption Numbers for Tim Hortons China Deal
by Marlena Haddad on 2022-09-23 at 5:50pm

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.

 

Recent Posts
by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

by Marlena Haddad on 2022-11-23 at 4:49pm

Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved