Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
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cine world pulled out because were skint thats my verdict and had no choice , and now iam skint good day all
It seems that Canadian contracts since the onset of Covid all have a carve-out for this Act of God against materially adverse effects (MAE), thus the illness and IMPORTANTLY "I believe but may be wrong" any detrimental impact 'as a result' of Covid specifically cannot be deemed a MAE. Covid or Covid related impact - no good.
And MAE is what Cine, per their official June 12th statement as posted earlier I have just read, are citing as the reason for termination!! That worries me. Whats also of concern is this carve-out/clause of excluding Covid is not unfamiliar in Canadian law, so perhaps is precedence already.
Cineworld can't speak soon enough!
Further reading:
"In recent purchase agreements, including in Practical Law Canada's What's Market database, COVID-19 is often specifically listed among the specific carve-outs if it has a disproportionate effect on the target and its subsidiaries, taken as a whole (see Further Information). In other cases, it is specifically excluded from the MAE definition on the basis that, at this point, it is a risk that the purchaser is able to evaluate and factor into the price. In effect, the purchaser is the least cost risk-avoider.
If not specifically listed as a carve-out (or excluded from the MAE definition altogether), those that may be most salient to the assertion of an MAE based on COVID-19 include:
Conditions generally affecting the industries in which the target operates, other than those that have a disproportionate effect on the target. Any changes in financial or securities markets in general. Any changes in applicable laws (such as compulsory government suspension orders).
Therefore, even if COVID-19 is materially adverse to the target corporation or business, it will not constitute a defined MAE unless none of the enumerated carve-outs applies (which it does). In the case of the first bullet, the adverse conditions affecting the business revert to the vendor's risk if, taken as a whole, they have a disproportionate effect on the target. Otherwise, they are the purchaser's risk."
Other (I believe Plex have done this) :
In assessing its risk, buyers should question whether such events will likely be cured by the closing date or affect the target in the long-term. In response, sellers should directly address the pandemic in its carve-outs. For example, sellers should define a MAC with COVID-19 specific language, such as “pandemic,” “coronavirus,” and “COVID-19.” Additionally, sellers can try to limit MAC provisions to a single adverse event, as opposed to a series of events affecting different parts of the business structure and operations over time, which may follow in the pandemic’s aftermath. When countering any carve-outs, the buyer should try to protect its interests against any disproportionate effect that the pandemic may have on the target entity. By expressly accounting for the pandemic, buyers & sellers can construct a MAC provision that limits ambiguity during the