16:20:52 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Shell Summary for May 22, 2015

2015-05-22 19:38 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange added 2.97 points to 703.48 Friday, ending the shortened trading week up 8.17 points. Ron Schmeichel's halted capital pool shell, Mira VI Acquisition Corp. (MVI), will ask shareholders at a June 18 meeting to approve rolling back the shell's shares between 1:35 and 1:45 -- a typical rollback ratio for the TSX-V's busiest shell-packager -- so that it can acquire Perk.com Inc. as its qualifying transaction. Mira VI will also ask shareholders to approve changing the company's name to Perk.com Inc. The shell anticipates closing this QT by the end of June.

There is still much work to be done before this QT can close, notably a financing. Canaccord Genuity Corp. and Beacon Securities Ltd. are in charge of selling a private placement of at least $20-million (U.S.). The brokers will sell Perk shares that will probably be priced somewhere between $5.25 and $6.75. Just for fun, we share with you how the company's lawyers describe how the shell will arrive at this range, "The board intends to fix the ratio for the consolidation such that the common shares will ultimately have a value per share that is equivalent to the value per share of Perk determined pursuant to the private placement to be conducted in connection with the Perk transaction." You see, say it quickly or say it slowly, it remains almost incomprehensible without a small research project. Since Mira VI and Perk have agreed to value a Mira VI share at 15 cents and there is a proposed rollback ratio of between 1:35 and 1:45, the price of a private placement share should fall between the range of $5.25 and $6.75.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed