gg Posted October 22, 2015 Share Posted October 22, 2015 I am aware of that and should have clarified by highlighting.Please take a look at the last sentence of the paragraph regarding max redemption condition. I didn't find it in the SEC filing The parties also agreed to remove the maximum redemption closing condition and the requirement that a portion of the proceeds of the Business Combination be used to repay certain subordinated debt of Ascend India that is owed to IFIN. It's in the SEC filing. Search the page for "maximum redemption" (3 paragraphs from the bottom of page 6) http://www.sec.gov/Archives/edgar/data/1581607/000114420415059808/v422341_defa14a.htm I am a bit confused in all this as well. Warrant prices certainly feels too good to be true....? Link to comment Share on other sites More sharing options...
sampr01 Posted October 22, 2015 Share Posted October 22, 2015 Thanks. I missed that Link to comment Share on other sites More sharing options...
Jurgis Posted October 22, 2015 Share Posted October 22, 2015 Filed today: http://www.sec.gov/Archives/edgar/data/1581607/000114420415060479/v422673_8k.htm http://www.sec.gov/Archives/edgar/data/1581607/000114420415060480/v422673_8k.htm Link to comment Share on other sites More sharing options...
Packer16 Posted October 23, 2015 Author Share Posted October 23, 2015 This is great news as it looks like the lower redemption proceeds are being taken out of the sponsor shares and more assumed debt and the warrants and cash & warrants deal is unaffected. In essence, it enhances the value of the stock and the warrants. Since this was released after the market close, the company knows the total number of redemptions Packer Link to comment Share on other sites More sharing options...
gg Posted October 23, 2015 Share Posted October 23, 2015 This is great news as it looks like the lower redemption proceeds are being taken out of the sponsor shares and more assumed debt and the warrants and cash & warrants deal is unaffected. In essence, it enhances the value of the stock and the warrants. Since this was released after the market close, the company knows the total number of redemptions Packer Packer, what scenario do you see now that would cause this to not close? I can't think of anything realistic, but I'm still seeing warrant trades go through at 40 cents... Link to comment Share on other sites More sharing options...
mountboney Posted October 23, 2015 Share Posted October 23, 2015 Am I missing something? This looks like the same info that was announced on Oct 12th. This 8K just provides a little more detail and the fact that the deal was finalized on the 16th. Is there anything new/different here than what was announced on Oct 12th? Link to comment Share on other sites More sharing options...
Packer16 Posted October 23, 2015 Author Share Posted October 23, 2015 You are correct there is little difference I mistakenly was comparing to the original deal. We will see what happens in terms of the deal and the redemptions. I guess the unknown is the number of redemptions and if it greater than the anticipated amount will the deal be modified. Packer Link to comment Share on other sites More sharing options...
usdtor05 Posted October 23, 2015 Share Posted October 23, 2015 This is great news as it looks like the lower redemption proceeds are being taken out of the sponsor shares and more assumed debt and the warrants and cash & warrants deal is unaffected. In essence, it enhances the value of the stock and the warrants. Since this was released after the market close, the company knows the total number of redemptions Packer Packer, what scenario do you see now that would cause this to not close? I can't think of anything realistic, but I'm still seeing warrant trades go through at 40 cents... Do these become standard warrants if you did not elect the cash/share option....ie the warrants now are just warrants on the common which might make them less attractive and therefore they are trading down. Link to comment Share on other sites More sharing options...
saltybit Posted October 23, 2015 Share Posted October 23, 2015 Default is cash + shares, see from earlier in the thread Link to comment Share on other sites More sharing options...
mountboney Posted October 23, 2015 Share Posted October 23, 2015 Wasn't the meeting supposed to be 9 am NY time? No word three hours later now, no volume spike. You would think a "too many redemptions, deal is off" result would be quick. Or "not many redemptions, vote ya or na" would be quick. Could be "too many redemptions, working on deal modification"?? Link to comment Share on other sites More sharing options...
Packer16 Posted October 23, 2015 Author Share Posted October 23, 2015 The meeting was deferred to Monday to discuss potential changes to the deal to make it compliant with closing conditions. Packer Link to comment Share on other sites More sharing options...
sampr01 Posted October 23, 2015 Share Posted October 23, 2015 Wow, even after the last amendment. That explains the price action. Link to comment Share on other sites More sharing options...
mountboney Posted October 23, 2015 Share Posted October 23, 2015 Where did you find out about the meeting deferral to Monday? Link to comment Share on other sites More sharing options...
Packer16 Posted October 23, 2015 Author Share Posted October 23, 2015 I talked to an attorney at the law firm who said the meeting had been adjourned when I arrived and that if anything was going to happen it was most likely on Monday as some of the closing conditions had not been met and negotiations were ongoing to resolve this. We will see what happens. Packer Link to comment Share on other sites More sharing options...
saltybit Posted October 23, 2015 Share Posted October 23, 2015 Seems like they're quite determined to get a deal done I talked to an attorney at the law firm who said the meeting had been adjourned when I arrived and that if anything was going to happen it was most likely on Monday as some of the closing conditions had not been met and negotiations were ongoing to resolve this. We will see what happens. Packer Link to comment Share on other sites More sharing options...
mountboney Posted October 23, 2015 Share Posted October 23, 2015 I talked to an attorney at the law firm who said the meeting had been adjourned when I arrived and that if anything was going to happen it was most likely on Monday as some of the closing conditions had not been met and negotiations were ongoing to resolve this. We will see what happens. Packer Interesting. Thank you. Link to comment Share on other sites More sharing options...
sampr01 Posted October 23, 2015 Share Posted October 23, 2015 Thanks Packer. I really appreciate your update and hope for the best. :) I talked to an attorney at the law firm who said the meeting had been adjourned when I arrived and that if anything was going to happen it was most likely on Monday as some of the closing conditions had not been met and negotiations were ongoing to resolve this. We will see what happens. Packer Link to comment Share on other sites More sharing options...
mountboney Posted October 23, 2015 Share Posted October 23, 2015 I talked to an attorney at the law firm who said the meeting had been adjourned when I arrived and that if anything was going to happen it was most likely on Monday as some of the closing conditions had not been met and negotiations were ongoing to resolve this. We will see what happens. Packer I assume an amended deal, if there is one, restarts the process of opening up redemption window again / new proxy / new meeting date. Is that how you see it? Link to comment Share on other sites More sharing options...
Gamecock-YT Posted October 23, 2015 Share Posted October 23, 2015 I talked to an attorney at the law firm who said the meeting had been adjourned when I arrived and that if anything was going to happen it was most likely on Monday as some of the closing conditions had not been met and negotiations were ongoing to resolve this. We will see what happens. Packer I assume an amended deal, if there is one, restarts the process of opening up redemption window again / new proxy / new meeting date. Is that how you see it? I believe it would depends if a private placement would cover the current deal. Link to comment Share on other sites More sharing options...
Moht Posted October 23, 2015 Share Posted October 23, 2015 I haven't been following the thread quite as closely lately, but I thought I'd toss this into the mix. Along with being involved at ROIQ, Joseph De Perio (of Clinton Group) is involved at Imation (NYSE:IMN). He's in control of the Imation board, which, after some adjustments for winding down the legacy business, should have $40-50M in deployable cash. This press release (http://ir.imation.com/phoenix.zhtml?c=73967&p=irol-newsArticle&ID=2098210) got me thinking... Maybe De Perio will use cash from Imation to somehow invest in ROIQ? Total speculation here, of course. IMN has $800 million in NOLs. Maybe a portion could be used by investing in the ROIQ deal? Once again, I'm not clear on what needs to happen for the ROIQ deal to close. But if they need some type of private placement, maybe it'll come from IMN. Link to comment Share on other sites More sharing options...
gg Posted October 26, 2015 Share Posted October 26, 2015 I talked to an attorney at the law firm who said the meeting had been adjourned when I arrived and that if anything was going to happen it was most likely on Monday as some of the closing conditions had not been met and negotiations were ongoing to resolve this. We will see what happens. Packer Hey Packer, Thanks for the info. Did they say when on Monday they would be having the new meeting? Seems odd to me that there was no 8k letting people know about the update... Link to comment Share on other sites More sharing options...
Packer16 Posted October 26, 2015 Author Share Posted October 26, 2015 What was said is that the time clock for the company runs out on Monday, the meeting was adjourned on Friday and on Monday they will either have the closing condition issue resolved or the company will liquidate or some third TBD alternative. Packer Link to comment Share on other sites More sharing options...
tombgrt Posted October 26, 2015 Share Posted October 26, 2015 Seems unlikely anything will come through at this point? Or is anything already known considering price action? Reminder market isn't often that inefficient. ;) Link to comment Share on other sites More sharing options...
Novak Posted October 26, 2015 Share Posted October 26, 2015 I think it's correctly reflecting the lack of communication and the dwindling time available. There isn't enough value in the volume to indicate that anybody knows anything. You'd have hoped that things would have been taken care of over the weekend and announced before market open, but then again, most deals I've worked on somehow managed to stretch until the last possible hour before the targeted close time. Link to comment Share on other sites More sharing options...
Gamecock-YT Posted October 26, 2015 Share Posted October 26, 2015 I think it's correctly reflecting the lack of communication and the dwindling time available. There isn't enough value in the volume to indicate that anybody knows anything. You'd have hoped that things would have been taken care of over the weekend and announced before market open, but then again, most deals I've worked on somehow managed to stretch until the last possible hour before the targeted close time. Deadlines spur action. Link to comment Share on other sites More sharing options...
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