Far Point - FPAC.U = 1C + 1/3W
Global Blue
Prior to the Special Meeting, holders of 48,708,994 shares common stock issued in FPAC’s initial public offering exercised their rights to convert those shares to cash at a conversion price of approximately $10.29 per share, or an aggregate of approximately $501.2 million.
June 14 2018 - A total of $632,500,000, comprised of $620,650,000 of the proceeds from the IPO (which amount includes $20,737,500 of the underwriters’ deferred discount) and $11,850,000 of the proceeds of the sale of the Private Placement Warrants, was placed in a U.S.-based trust account
so Float ~ 15 million shares?
Meeting August 24. Redemption 10.29
Baron's July 16 2020 FPAC has until Sept. 14 to complete a sale. In a July 13 letter to Far Point’s (Ticker: FPAC) board, Silver Lake said that it would give up a 154 million euro ($175 million) dividend. It agreed to convert 50 million euros ($57 million) in convertible preferred stock to common stock and also offered to hold back 18 months of proceeds that Global Blue could draw on in the form of $75 million in convertible debt. Silver Lake’s concessions are valued at more than $300 million, according to the July 13 letter.
Far point announces Silver Lake has bought 12% of shares outstanding. The 20% outstanding with sponsors is required to vote yes. Far Point is imo screwed.
Silver Lake, in the May 23 letter, pitched several enhancements to woo Far Point shareholders. Silver Lake offered to convert a $168 million dividend into common stock. The switch would provide Global Blue with “ample access to liquidity and financing for more than 12 months post-closing, even if the current travel restrictions were to continue,” Silver Lake said.
Incentive currently for common holders is to redeem and vote yes to get redemption value for common.
Far Point should imo agree to add money to trust for additional months following a no vote on merger. Incentive for holders to then vote no and hold for let's says $0.03 per share per month.
Would also benefit warrant holders.
assumed redemption value of $10.23 per share as of September 30, 2019
Primary PIPE Investors” means certain third-party investors who have committed to purchase, concurrently with the Closing, 12,500,000 New Global Blue Shares for $10.00 per share or an aggregate purchase price equal to $125 million.
IPO Trust $10
1 warrant + $11.50. Call 18.
Focus - Fintech
Forward purchase agreement at $9.50 with Cloudbreak.
Credit Suisse. BOFA
Third Point and Thomas Farley ex chairman NYSE.
Third Point's first spac.