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QT appoints banker to look for buyer!
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WanSiTong
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24-Oct-2015 20:45
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Just finished reading 25 July 2015 postings at another thread " QT VASCULAR / QT Vascular Going BIG" ....... very insightful information! |
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Sunstar
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24-Oct-2015 17:52
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Dec 2011- Bard acquires lutonix for us225m
Jun 2014- spectranetics acquires angioscore for us230m There are more examples but I can only think of these 2. I am assuming QT should command more premium as its new generation product with more shelf life before any new breakthrough in tecnhnology. So even if I assum us200m (sgd280m), current mkt cap $140m, share price should double easily. Just don't short IMAO |
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AndyLoss
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24-Oct-2015 16:55
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what does it mean for the share price ? any recommended TP |
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WanSiTong
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24-Oct-2015 13:15
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For those who are interested in this topic .... here are some background information: MEDIA RELEASE on 23 October 2015 QT VASCULAR ANNOUNCES APPOINTMENT OF A REPUTABLE INTERNATIONAL INVESTMENT BANK AS STRATEGIC ADVISOR Highlights: &bull Reputable international investment bank appointed to provide the Company with financial and market-related advice &bull Appointment satisfied certain conditions precedent for issuance of the second tranche of its 24 July 2015 convertible bonds SINGAPORE, 23 October 2015 - QT Vascular Ltd., together with its subsidiaries (the " Company" or " QT Vascular" , and together with its subsidiaries, the " Group" ), a global company engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease, announced today that they have appointed a reputable international investment bank as the Group' s strategic advisor in connection with the 24 July 2015 convertible bond terms. The Company has satisfied all the conditions precedent to trigger the Investors' obligation to subscribe and pay for the second tranche of the 24 July 2015 convertible bonds having, inter alia, appointed a reputable investment bank to provide the Company with financial and market-related advice and assistance (including the availability of an offering memorandum) related to a potential qualifying exit event. " This appointment is consistent with the previously announced terms of the 24 July 2015 convertible bonds" stated Dr Eitan Konstantino, PhD, Chief Executive Officer of QT Vascular. " Our focus remains on meeting business milestones and generating clinical data related to our coronary and peripheral drug coated programs. " Further announcement (s) on the second tranche of the 24 July 2015 convertible bonds will be made as and when appropriate. ~~ End) *************** MEDIA RELEASE on 24 July 2015 QT VASCULAR OBTAINS FUNDING TO BOOST GROWTH THROUGH ISSUANCE OF UP TO US $ 13.14 MILLION CONVERTIBLE BONDS Highlights: &bull Proceeds will mainly be used to strengthen working capital and position QT Vascular for the next growth trajectory &bull The convertible bonds will have an 18-month maturity period and will be subscribed by various investors &bull Reinforces the potential of and confidence in QT Vascular' s Chocolate® platform SINGAPORE, 24 July 2015 - QT Vascular Ltd., together with its subsidiaries (" QT Vascular" or the " Group" ), a global company engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease , has entered into an agreement with a group of investors (the " Investors" ) for up to US $ 13.14 million convertible bond investment. This funding will strengthen the Group' s working capital which would help boost its growth to the next milestone. Dr. Eitan Konstantino, Ph.D., Chief Executive Officer of QT Vascular said, " We are very pleased to receive this stamp of confidence from the Investors. Securing this funding would not only allow us to grow the business further but also to achieve greater value for our shareholders. Their investment in us reflects the confidence the Investors have in our products and our prospects. " The convertible bond investment will have an 18-month maturity period and can be converted into ordinary shares at S $ 0.128 per share. The conversion price of S $ 0.128 per share represents a 7.56% premium over QT Vascular' s weighted average price for trades done on the SGX -ST on 24 July 2015 of S $ 0.119. The bonds can be converted at any time at the sole discretion of the Investors. This also indicates the level of confidence the Investors have in QT Vascular' s Chocolate® platform. *************** 3.1. Tranches The Bonds will be issued at 100.0% of the principal amount in three (3) tranches as follows: (A) the first tranche of US $ 5.475 million falling within three (3) business days from the date on which the first tranche conditions precedent stated in Section 3.3 below are satisfied (B) the second tranche of US $ 5.475 million falling within three (3) business days from the date on which the second tranche condition precedents also stated in Section 3.3 are satisfied (provided that the second tranche shall not apply in the event completion of the first tranche does not take place) and (C) at the sole option of each of the Investors, the third tranche of US $ 2.19 million falling within three (3) business days from the date of written notice by the Investors to the Company to subscribe for the same, provided that such notice shall be given no later than three (3) calendar months from the date of completion of the second tranche. *************** 3.8. Qualifying Exit Event ( QEE ) A " Qualifying Exit Event" shall mean any of the following events, provided that cumulatively such events involve an aggregate transaction size of equal to or more than S $ 75,000,000 (" S $ 75m QEE Threshold" ) and occur prior to the Maturity Date: (A) entry by the Company into legally binding agreements for the sale of the Company and / or all or any of the Subsidiaries or (B) entry by the Company into legally binding agreements for the sale of a major asset or business of the Group. In the event of completion of a Qualifying Exit Event, the Company receiving full proceeds on completion of such Qualifying Exit Event and the S $ 75m QEE Threshold having been crossed, the Company will pay to each Investor an amount equivalent to two (2) times of the principal amount of the Bonds subscribed by such Investor. This is irrespective of whether the Investors have converted their Bonds into Shares prior thereto. |
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WanSiTong
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24-Oct-2015 13:06
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Thank you Sunstar for the sharing. |
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Sunstar
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23-Oct-2015 22:45
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Current market cap only $140mln. Question is how much are they looking for? If we assume a low usd200mln or sgd280mln, lots of upside to the stock. |
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Sunstar
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23-Oct-2015 22:39
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Wow! Qt just announced appointment of banker. It's carefully worded to say it's in connection to tranche 2 of convertible bond terms, but the finer print is it triggers the terms which is appointment of banker and OFFER MEMORANDUM which may lead to QUALIFYING EXIT.
Pulling up 24 July announcement, qualifying exit means a transaction size of more than 75mln either thru sale of the ENTIRE company or MAJOR ASSET or BUSINESS of the company. Recent transactions in US is in hundreds of millions. At current market cap, |
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