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CIC U - Nesco Holdings Inc News Story

$9.25 0.0  0.3%

Last Trade - 31/07/19

Sector
Financials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 7320

BRIEF-Capitol Investment Corp. Iv And Nesco Amend Merger Agreement

Thu 11th July, 2019 10:53pm
July 11 (Reuters) - Capitol Investment Corp IV  CIC_u.N :
    * CAPITOL INVESTMENT CORP. IV AND NESCO AMEND MERGER
AGREEMENT
    * CAPITOL INVESTMENT CORP IV - MERGER CONSIDERATION TO BE
ISSUED
TO NESCO OWNER WAS REDUCED
    * CAPITOL INVESTMENT CORP IV -  SPONSORS OF CAPITOL AGREED
TO
CANCEL AN ADDITIONAL NUMBER OF THEIR INITIAL SHARES IN
CONNECTION WITH NESCO DEAL
    * CAPITOL INVESTMENT CORP IV - BASED ON AMENDED MERGER
AGREEMENT ,
COMBINED COMPANY WILL HAVE AN INITIAL ENTERPRISE VALUE OF
APPROXIMATELY $1,037 MILLION
    * CAPITOL - $75 MILLION CASH PAYABLE TO NESCO OUT OF
PROCEEDS
ELIMINATED & REPLACED WITH STOCK PAYMENT AT $10.00/SHARE, OR 7.5
MILLION SHARES REGARDLESS OF REDEMPTIONS
    * CAPITOL INVESTMENT CORP IV - IN AMENDED DEAL, EARNOUT
CONSIDERATION TO NESCO OWNER WAS INCREASED BY 1.7 MILLION SHARES
    * CAPITOL INVESTMENT CORP IV -  BASED ON AMENDED DEAL,
COMBINED
CO'S INITIAL ENTERPRISE VALUE IS DOWN $50 MILLION COMPARED TO
PRIOR INITIAL ENTERPRISE VALUE
    * CAPITOL INVESTMENT CORP IV -NESCO OWNER CAN DESIGNATE UP
TO 4
PEOPLE TO BE APPOINTED/NOMINATED TO CO'S BOARD IF IT, AFFILIATES
OWN AT LEAST 45% SHARES

Source text for Eikon:  ID:nPnbzNSvBa 
Further company coverage:  CIC_u.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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