Personas Provides Additional Information Relating to the Proposed Transaction With Mii.TV
Personas Provides Additional Information Relating to the Proposed Transaction With Mii.TV
Toronto, Ontario--(Newsfile Corp. - September 23, 2024) - Personas Social Incorporated (TSXV: PRSN) ("Personas" or the "Company") announces that the purpose of this press release is to provide certain supplemental disclosure to the Company's management information circular and proxy statement dated August 19, 2024 (the "Circular") in respect of the Annual and Special Meeting of the Shareholders of the Company to be held on October 1, 2024 (the "Meeting"), and specifically in regards to the negotiations and discussions that took place between the Special Committee (defined below), on behalf of the Company as seller and Mii.TV Inc. ("Mii.TV"), as purchaser, for the proposed sale of the Company's 'Peeks Social' web and app based platform ("Peeks Assets") (the "Transaction").
安大略省多伦多-(Newsfile corp. - 2024年9月23日) - Personas Social Incorporated (tsxv: PRSN) ("Personas" 公司) 宣布,本新闻稿的目的是为了在2024年8月19日的董事会管理信息通知书和代理人声明("圆形")中提供特定的补充披露,以重新审计公司的年度股东大会和特别会议,该会议将于2024年10月1日举行,特别是至于代表公司卖方的特别委员会(以下简称"特别委员会")与 Mii.TV Inc. ("Mii.TV")作为买方之间进行的关于拟议出售公司 "Peeks Social" 网站和基于应用的平台("Peeks资产")的谈判和讨论("交易")。
This release should be read in conjunction with the Circular as a whole. Capitalized terms not otherwise defined herein have the meaning ascribed to such terms in the Circular.
本发布应与整个圆形一起阅读。此处未另行定义的大写词汇的含义与圆形中赋予此类词汇的含义相符。
Background of the Transaction
交易背景
The Company entered into an agreement dated August 19, 2024 (the "Transaction Agreement"), with Mii.TV. Pursuant to the Transaction Agreement and upon receipt of the requisite director, shareholder, regulatory and stock exchange approvals, Personas will sell the Peeks Assets to Mii.TV.
公司于2024年8月19日签署了一份协议( "交易协议") ,与Mii.TV达成协议。根据交易协议,并在董事、股东、监管机构和股票交易所的批准后,Personas将Peeks资产出售给Mii.TV。
The Company plans to sell 100% of the Peeks Assets to Mii.TV for a purchase price of $4,540,000 ("Purchase Price"). The Transaction is structured whereby 50% of the Purchase Price will be paid on closing ($2,270,000) ("Closing Amount") and this Closing Amount will be made up of the sum of $1,056,280 which consists of accounts payable of the Peeks Assets that will be assumed by Mii.TV and the sum of $1,160,720 representing debt deposits owed to customer of the Peeks Assets, and the remaining amount of $53,000 will be paid in cash on closing. The remaining 50% of the Purchase Price will be paid over the course of the next 36 months from the date of closing with 16.6% ($756,666) of the Purchase Price being paid on or before the first anniversary of the closing of the Transaction, 16.6% ($756,666) of the Purchase Price to be paid on or before the second anniversary of the closing of the Transaction and the remaining 16.8% ($756,668) of the Purchase Price to be paid within 36 months from the date of closing of the Transaction (collectively, these amounts are the "Remaining Purchase Price Payments"), subject to the following adjustment that have been agreed to by the parties - following the closing of the sale of the Peeks Asset from the Company to Mii.TV, if the Peeks Asset ceases to operate, indefinitely as agreed to by the Company and Mii.TV in writing, due to third party matters, decisions or rulings, regulatory, banking or otherwise, Mii.TV shall only be required to pay a pro-rata amount of the Remaining Purchase Price Payments based on the date and time of when the Peaks Asset ceased to operate following closing of the Transaction, and for greater certainty, if there are interruption(s) in the business of the Peaks Asset, as agreed to by the Company and Mii.TV in writing, the Remaining Purchase Price Payments will still be owed, due and payable.
公司计划将Peeks资产的100%出售给Mii.TV,售价为$4,540,000("购买价格")。该交易结构中,购买价格的50%将在交割时支付($2,270,000) ("交割金额"),这笔交割金额由Mii.TV承担的Peeks资产应付款项的总和$1,056,280和向Peeks资产客户欠款的存款总和$1,160,720组成,剩余金额$53,000将在交割时以现金支付。其余50%的购买价格将在接下来的36个月内从交割日期起支付,购买价格的16.6%($756,666)将在交易结束后第一个周年之前支付,购买价格的16.6%($756,666)将在交易结束后第二个周年之前支付,其余16.8%($756,668)的购买价格将在交易结束后36个月内支付(这些金额统称为"剩余购买价格支付"),在以下已经由双方同意的调整情况下-在公司向Mii.TV出售Peeks资产之后,如果Peeks资产因第三方事项、决定或裁定、监管、银行或其他原因而停止运营,作为双方书面同意,Mii.TV只需要根据Peaks资产于交易结束后停止运营的日期和时间按比例支付剩余购买价格支付的金额,并确保,如果Peaks资产的业务中断,或双方书面同意,剩余购买价格支付仍应为欠款,到期并应支付。
Special Committee
公司董事会的特别委员会(“特别委员会”)已组成并审议了可转换债券及相关事项的公允性。特别委员会由独立董事组成。特别委员会已确定可转换债券在公司情况下是合理的,并建议公司继续发行可转换债券。
In December 2023, informal and verbal discussions were had by the Board of Directors of the Company and a consultant of the Company, who provides accounting and management services to the Company ("Consultant") on a regular basis, regarding potential sales options of the Peeks Assets. The Consultant, then and now, renders services to the Company and is compensated by the Company. In late December 2023 and early January 2024, Mr. Mark Itwaru (CEO and Director of the Company) informally expressed his interest to the Board of Directors in acquiring the Peeks Assets and at this time it was recognized by all parties that this type of transaction would raise a conflict of interest for Mr. Itwaru and constitute a related party transaction, if consummated. On January 8, 2024 a special committee of Directors of the Company ("Special Committee") was comprised and made up of Bill Lavin (CFO and Director) and James Westlake (Director) to evaluate potential sales of the Peeks Assets. Between February and March of 2024, the Special Committee began to engage in informal and verbal discussions with Mr. Itwaru regarding a potential transaction for the Peeks Assets, and at the same time began to consider potential alternatives including, without limitation, maintaining the status quo.
在2023年12月,公司的董事会和公司的一名顾问(定期为公司提供会计和管理服务)进行了非正式和口头讨论,讨论了Peeks资产的潜在出售选项。该顾问当时和现在都为公司提供服务,并由公司支付报酬。在2023年底和2024年初,公司的CEO和董事Mark Itwaru非正式地向董事会表示了对收购Peeks资产的兴趣,当时所有各方都意识到这种交易类型将对Itwaru先生构成利益冲突,并视为关联交易,如果完成交易的话。于2024年1月8日,公司的董事会成立了由Bill Lavin(首席财务官和董事)和James Westlake(董事)组成的特别委员会(“特别委员会”),以评估Peeks资产的潜在出售。在2024年2月至3月期间,特别委员会开始与Mark Itwaru先生进行非正式和口头讨论,涉及关于Peeks资产的潜在交易,并同时开始考虑其他潜在替代方案,包括但不限于维持现状。
Negotiations and Discussions of Purchaser and Special Committee
购买方和特别委员会的谈判和讨论
By way of background, the Company was unable to secure external financing to launch its new re-launched Keek's services. As a result of this, Mr. Mark Itwaru (CEO and Director) advised the Board of Directors that the Company should pursue the sale of the Peeks Asset to strengthen its financial position and better its opportunity to obtain financing. The Company was unable to find a buyer that would pay an amount of money for the Peeks Assets that would be sufficient to keep operations of the Company going for a prolong period of time.
在此背景下,公司无法获得外部融资来推出其重新推出的Keek服务。因此,Mark Itwaru先生(首席执行官兼董事)建议董事会,公司应该寻求出售Peeks资产,以加强其财务状况,并提升获得融资的机会。公司未能找到愿意支付足够金额以维持公司运营一段时间的Peeks资产的买家。
At the beginning of April 2024, Mr. Mark Itwaru on behalf of Riavera/Mii.TV initially offered to buy the Peeks Assets from Personas for ~$2 million ("Initial Offer Price") but the Special Committee did not accept this Initial Offer Price as they wanted to obtain detailed and informative information on the value of the Peeks Assets. At the end of April 2024, a summary memo ("Summary Memo") was drafted by the Consultant based on new terms provided by Mr. Itwaru for the Special Committee to review regarding a potential sale of the Peeks Assets with an approximate purchase price of $4.5 million. The Summary Memo was provided to the Special Committee for their review and discussion. As disclosed in the Circular and herein, the Board of Directors of Personas had constituted the Special Committee to negotiate potential transactions and hired Lynch & Associates Forensic Accountants ("Lynch") to provide them with a valuation report and fairness opinion regarding the Peeks Assets (the "Report"). The Report provided a medium valuation of the Peeks Assets at $4,540,000, which was significantly higher than the Initial Offer Price but was in line with the terms of the Summary Memo.
2024年4月初,Mark Itwaru代表Riavera/Mii.TV最初提出购买Personas的Peeks资产,报价约$200万(“初始报价”),但特别委员会未接受这一初始报价,因为他们想要获取有关Peeks资产价值的详细和信息丰富的信息。在2024年4月底,顾问根据Itwaru先生提供的新条款起草了一份总结备忘录(“总结备忘录”),供特别委员会审查,涉及Peeks资产的潜在出售,约定购买价格为$450万。总结备忘录提供给特别委员会进行审查和讨论。正如在通函和本文中披露的那样,Personas的董事会成立了特别委员会来谈判潜在交易,并聘请Lynch & Associates Forensic Accountants(“Lynch”)为他们提供Peeks资产的估值报告和公正意见(“报告”)。报告对Peeks资产提供了中等估值,为$4,540,000,这 significantly高于初始报价,但符合总结备忘录的条款。
During April 2024 and before the LOI (defined below) was executed, the Special Committee and Mr. Itwaru had a number of verbal discussions and negotiations regarding the purchase price for the Transaction. The Special Committee was charged with ensuring that the terms of the Transaction were negotiated in a manner which provided protection to minority shareholders. The Special Committee was comprised of Messrs. Bill Lavin and James Westlake, each of whom are directors of the Company, have no interest in nor are they related parties to Mii.TV. Ultimately the Special Committee decided that a fair and reasonable purchase price would be the medium valuation amount of $4,540,000 provided from the Report, and this amount, after negotiations, formed the purchase price acceptable to Mr. Itwaru and Riavera/Mii.TV as well and was used as the final Purchase Price in the letter of intent (the "LOI") that was entered into between the Company and Mii.TV on May 8, 2024 and the Transaction Agreement.
在2024年4月及签署LOI(以下定义)之前,特别委员会和Itwaru先生就交易的购买价格进行了多次口头讨论和谈判。特别委员会负责确保交易条款的谈判方式为少数股东提供保护。特别委员会由Bill Lavin先生和James Westlake先生组成,两人都是公司的董事,对Mii.TV既不感兴趣也不是相关方。最终,特别委员会决定,公正合理的购买价格将是报告中提供的中间估值金额454万美元,并在谈判后,这个金额成为Itwaru先生和Riavera/Mii.TV接受的购买价格,并作为《意向书》(以下简称“LOI”)的最终购买价格,该意向书于2024年5月8日由公司和Mii.TV签署,并成为交易协议。
Conclusion of the Special Committee
特别委员会的结论
Upon finalization of the Purchase Price and terms of the Transaction, the members of the Special Committee viewed that the Transaction was desirable, that the agreed upon final pricing terms was fair and that the terms of the Transaction were appropriate and consistent with non-arm's length transactions of similar size and scope.
在确定购买价格和交易条款后,特别委员会成员认为交易是理想的,达成的最终定价条款是公平的,交易条款与类似规模和范围的非关联交易一致。
The summary view of the Special Committee is that, in their best business judgement, the Transaction is in the best interests of the Company because the Company plans to devote its resources to the development of its new and re-launched Keeks Social web and app based platform, which offers users the chance to share their lives and connect with others through both short-form and long-form videos. The Special Committee has relied upon its business judgement which was confirmed by the advice of Lynch that the pricing and terms of the Transaction are fair.
特别委员会的总体看法是,在他们最佳的商业判断力下,交易符合公司最佳利益,因为公司计划将资源投入开发其新的和重新推出的Keeks社交网站和基于应用程序的平台,为用户提供分享生活并通过短视频和长视频与他人联系的机会。特别委员会依赖其商业判断,经过Lynch的建议,确认了交易的定价和条款是公平的。
For further information, please contact:
Personas Social Incorporated
Mark Itwaru
Chairman & Chief Executive Officer
Phone: 647.789.0074
Email: mark@personas.com
如需更多信息,请联系:
本新闻稿包含有关提交年度报告的预计时间的前瞻性声明。不能保证这些陈述将被证明准确,实际结果和未来事件可能与这些陈述所预期的有所不同。导致实际结果与公司预期不同的重要因素风险会不时地在公司向证券监管机构提交的备案文件中详细说明。本新闻稿中包含的前瞻性声明明确受到此警告性声明的限制。本新闻稿中包含的前瞻性声明是截至本新闻稿发布日期的声明,公司将根据加拿大证券法明确要求更新或修订其中包含的任何前瞻性声明。
tsxv
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电话:647.789.0074
电子邮件: mark@personas.com
Forward-Looking Statements
前瞻性声明
This news release contains forward-looking statements relating to the Transaction. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the Circular and filings made by the Company with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
本新闻稿包含与交易相关的前瞻性声明。不能保证这些声明将被证明是准确的,实际结果和未来事件可能与这些声明中预期的有重大不同。导致实际结果与公司预期不符的重要因素是公司不时在《通函》和向证券监管机构提交的文件中详细披露的风险。本新闻稿中包含的前瞻性声明在此谨慎声明中明确合格。本新闻稿中包含的前瞻性声明是根据本新闻发布日期制作的,公司将根据加拿大证券法的明确要求公开更新或修订所包含的任何前瞻性声明。
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
TSX Venture Exchange 及其监管服务供应商(如 TSX Venture Exchange 政策中定义的那样)均未审查或承认本次发布的充分或准确性。