Update11 Aug 2020 13:01
Good afternoon Kevin,
Here are some bullet points that our CFO, Joseph Colliver, has put together.
o Subject to shareholder and regulatory approval of the takeover, Sativa shareholders will receive shares in Stillcanna Inc., in exchange for their shares in Sativa Group Plc. No payment will be made to individual shareholders.
o Each Sativa share will be exchanged for 0.33507 shares in Stillcanna Inc. – this is referred to as the ‘Exchange Ratio’.
o Sativa shareholders will own 65% of the combined company.
o The Sativa board and leadership will manage the combined business with Henry Lees-Buckley as the CEO.
o Shares will be traded on the Canadian Stock Exchange in Canada. This market is a leading market for stocks in this sector.
o Stillcanna Inc. is currently in the process of listing on the UK AQSE exchange. This will facilitate easy trading of the combined company shares in the UK. The expected timing of the listing is estimated to be at the time of the closing of this transaction, or shortly thereafter.
o 78% of current Sativa Shareholders have provided irrevocable proxys in favour of the transaction, which is above the 75% requirement.
o The Sativa Board has unanimously voted in favour of the transaction.
o The transaction is expected to close in early August once shareholder and court approvals are completed.
o Sativa shareholders are free to buy or sell their shares in Sativa up to the Scheme Effective Date, unless they have signed an irrevocable undertaking to pass on their shareholder vote via proxy to the Company.
o Shareholders will be able to trade shares in Stillcanna on either the CSE or AQSE via a Depository Interest. In summary, it will work exactly as it does now – you will call your broker to buy and sell Stillcanna shares as you do today with Sativa shares.
Should you have any further questions, please do not hesitate to contact us.
Sativa Group PLC
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