Brief: Loral Enters Into Agreement With PSP Investments And Telesat To Combine Loral And Telesat Into A New Public Company

Telesat

24/11/2020 11:50

Nov 24 (Reuters) - Loral Space & Communications Inc
 LORL.O :
    * LORAL ENTERS INTO AGREEMENT WITH PSP INVESTMENTS AND
TELESAT TO
COMBINE LORAL AND TELESAT INTO A NEW PUBLIC COMPANY
    * LORAL SPACE & COMMUNICATIONS - STOCKHOLDERS NOT AFFILIATED
WITH
FUNDS MANAGED BY MHR FUNDS TO OWN 26.1% OF ECONOMIC INTERESTS IN
NEW TELESAT
    * LORAL SPACE & COMMUNICATIONS INC - NEW TELESAT SHARES WILL
INITIALLY BE LISTED ON NASDAQ GLOBAL SELECT MARKET
    * LORAL SPACE & COMMUNICATIONS INC - NEW TELESAT IS ALSO
CONSIDERING A LISTING FOR ITS SHARES ON A CANADIAN STOCK
EXCHANGE
    * LORAL - NEW TELESAT'S GOVERNANCE PROVISIONS WILL CONTAIN
SPECIAL
FEATURES DESIGNED TO MAINTAIN MAJORITY CANADIAN BOARD AND VOTING
CONTROL
    * LORAL SPACE & COMMUNICATIONS - STOCKHOLDERS IN CO, PSP
INVESTMENTS SHAREHOLDERS OF TELESAT, TO OWN EQUITY IN NEW
TELESAT ABOUT SAME AS OWNERSHIP IN TELESAT
    * LORAL SPACE & COMMUNICATIONS -MHR FUNDS, PSP INVESTMENTS,
MANAGEMENT SHAREHOLDERS OF TELESAT OWN 36.6%, 36.7%, 0.7%, OF
ECONOMIC INTERESTS IN NEW TELESAT
    * LORAL - EXPECT CO'S U.S. HOLDERS THAT ELECT FOR LIMITED
PARTNERSHIP UNITS OF TELESAT PARTNERSHIP IN LIEU OF GETTING
SHARES WILL DO SO ON TAX DEFERRED BASIS
    * LORAL - EXCHANGE OF LIMITED PARTNERSHIP UNITS OF TELESAT
PARTNERSHIP FOR SHARES OF NEW TELESAT ANTICIPATED TO BE TAXABLE
TRANSACTION TO U.S. HOLDERS
    * LORAL SPACE & COMMUNICATIONS INC - BOARD ADOPTED
SHAREHOLDER
RIGHTS PLAN; SET TRIGGER AT 15%

Source text for Eikon:  ID:nCNWmSZSYa 
Further company coverage:  LORL.O 

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