Innova to Continue with Strategic Review Process Until Further Notice
The latest news from Innova has just shed some light on the recent events, as it was announced that the special board of directors’ committee instructed their financial advisors into exploring available strategic solutions and transactions which the company might employ in the near future.
In the pursuit of the best possible course for Innova, Raymond James Ltd holding company has been directed by Paul van Eyk and Edward Stanek (Innova’s idenpendent directors and special committee members) to investigate and solicit public interest in the company’s common shares acquisition.
Originally formed to review and evaluate Pollard Banknote’s share acquisition proposal and following the committee’s lack of certainty that Pollard Banknote is sufficiently equipped to handle the project, the board has made an executive decision to continue with their Strategic Review Process, with a pending status of Pollard Banknote’s participation.
Pollard Banknote to be Reconsidered
The Proposal’s outcome is further conditioned by the Support Agreement between Amaya Inc. (as one of the Innova’s largest shareholders) and Pollard Banknote, authorizing Amaya Inc. to reconsider their support and even terminate it if the acquisition agreement is not formally made and take-over initiated by May, 2017 or if a potential cash offer over $2.10 per share is not matched by Pollard Banknote within 5 working days (detailed terms of the agreement released by Innova in March this year).
At the moment, there are no fixed dates that would mark the formal ending of the Strategic Review Process, nor there can be any assurances of the Review or Support Agreement outcome.
Any progress or negotiation developments will be kept in the utmost secrecy for the time being and formal announcement can only be expected once a specific transaction is approved; until that happens, no disclosures should be anticipated, unless the company’s officials deem otherwise.