logo-loader
FinanceInvestments and investor services
LGC Capital Ltd

Leni Gas Cuba moves a step closer to Toronto listing

Leni Gas Cuba paves way for reverse takeover of Knowlton Capital with binding definitive agreement

Cuban cigars.
Cause for a celebratory cigar

The proposed takeover of Cuba-focused investment company Leni Gas Cuba Limited (ISDX:CUBA) by Knowlton Capital Inc (CVE:KWC.H) is proceeding to plan.

The Canadian company revealed last week that the takeover will be preceded by a consolidation of the Knowlton share capital that will see the number of shares in issue reduced from 46.58mln to 36.45mln.

Once that has taken place, Leni Gas Cuba (LGC) shareholders will be offered the chance to receive one Knowlton share for every 2.5 LGC shares they own.

To reflect the new corporate identity, Knowlton will change its name to LGC Capital Ltd, or something along those lines.

The new board will comprise two nominees of LGC, expected to be David Lenigas and Antony Samaha; three of the current Knowlton directors, Mazen Haddad, Guy Charette and Rafi Hazan; and one nominee for election as a director of Knowlton, Sébastien Bellefleur.

LGC Capital will also get a new management team, which will be the existing LGC management team.

LGC Capital intends to be listed on the TSXV and will carry on business as an investment company.

“The TSX-V is a leading exchange in North America for growth companies, and this transaction should provide a platform for improved depth and liquidity of the company's shares. Many brokers in the UK and elsewhere around the world can actively trade the TSX.V exchange,” noted David Lenigas, executive chairman of LGC.

“Canada has a long trading history with Cuba and is seen as the ideal place to access the North American capital markets as we seek to grow the company,” Lenigas said.

"I'm very pleased that the company and Knowlton have been able to finalise the definitive agreement for the proposed takeover of Leni Gas Cuba and arrange the first BVI Court hearing on such an accelerated timetable. We look forward to completion of the transaction as soon as possible," he added.

Quick facts: LGC Capital Ltd

Price: £0.00

Market: TSX-V
Market Cap: £0.00
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of LGC Capital Ltd named herein, including the promotion by the Company of LGC Capital Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

LGC Capital expands cannabis grow facility in Montreal

LGC Capital Ltd (TSXV:LG.V) CEO John McMullen tells Proactive Investors the company has teamed with medical cannabis company Tricho-Med Corp. to expand its Montreal-based operation to more than 2 million square feet. The company broke ground on the first phase of 38,000 square feet...

on 10/4/18

2 min read