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Twelve Seas Adjourns Shareholder Vote and Reschedules
by Kristi Marvin on 2019-12-18 at 7:34am

Twelve Seas Investment Company (“Twelve Seas”) (NASDAQ: BROG), announced this morning that it had adjourned its extraordinary general meeting yesterday and will now hold its shareholder vote tomorrow, December 19th, 2019.

The reason stated for the adjournment is to give investors the opportunity to reverse any previously submitted redemption requests. Given that Twelve Seas (BROG) has been trading well above estimated trust value of $10.32 per share, it appears that BROG wanted to give any previous redeemers an opportunity to change their mind and either sell their shares in the market or hold through the vote. The new redemption deadline is now today, 5:00 p.m (Eastern Time), Wednesday December 18, 2019.

However, Twelve Seas is bumping up on their completion deadline of December 22nd.  Because of that, the press release further goes on to say, “Despite the expiration of the Rights by their terms on Sunday, December 22, 2019, purchases and sales of the Rights which occur prior to the close of trading on the closing date will be permitted to settle on or about Tuesday, December 24, 2019.

There’s been lots of movement in the shareholder vote calendar this week, but Twelve Seas should wrap it up tomorrow since they’ll run out of time due to their expiration date of December 22nd. It will be interesting to see what the share price does today if enough shareholders opt to switch their redemption status, assuming that the switch can happen quickly enough to allow previous redeemers to trade before today’s market close. If that’s the case, presumably BROG is confident enough that buyers that want to own the share through the vote will be there if reversed-redeemers decide to sell into the market. However, that 5PM deadline also means that shareholders will have the ability to change their mind again post market close.

 

 

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