Susie Grynol resigns from HAC, appointed VP at Marriott International
The Hotel Association of Canada (HAC) has announced the resignation of Susie Grynol from her position as president and CEO, effective June 3rd, 2024
Lakeview Hotel Investment Corp. has announced that it has entered into an arrangement agreement dated November 9, 2021 with 13487407 Canada Inc., 13487369 Canada Inc. and 13487326 Canada Inc., newly formed private companies which are managed by First Canadian Management Corporation.
Lakeview Hotel Investment Corp. (“Lakeview” or “Company”) has announced that it has entered into an arrangement agreement dated November 9, 2021 (the "Arrangement") with 13487407 Canada Inc. ("Parent"), 13487369 Canada Inc. ("Share Purchaser") and 13487326 Canada Inc. ("Debenture Purchaser." and together with Parent and Share Purchaser, the "Purchasers"), newly formed private companies which are managed by First Canadian Management Corporation ("FCMC"), pursuant to which: (i) Share Purchaser has agreed to acquire all of the outstanding common shares of Lakeview for $0.02 per share in cash for aggregate consideration of $391,156.12; (ii) Debenture Purchaser has agreed to acquire all of the outstanding Series C Debentures and all of the Series D Debentures of Lakeview for $74.03 per $1,000 principal amount outstanding under the Series C Debentures and the Series D Debentures, for aggregate consideration of $1,356,673.78 and $752,144.80, respectively, and any and all accrued and unpaid interest owing to the Debentureholders shall be forgiven, settled and extinguished for no consideration; and (iii) Share Purchaser has agreed to pay to LHIC or to the benefit of LHIC approximately $15,000,000 for LHIC to pay and satisfy all amounts owing by LHIC to its lending syndicate led by ATB Financial, and to pay certain costs associated with the foregoing transaction (the "Transaction").
TRANSACTION HIGHLIGHTS
TRANSACTION DETAILS
LAKEVIEW BOARD OF DIRECTORS RECOMMENDATION AND FAIRNESS OPINION
The Board of Directors, after receiving the unanimous recommendation of the Special Committee, and in consultation with its legal advisors, has unanimously determined that the Transaction is in the best interests of Lakeview and fair to shareholders and debentureholders and is recommending that shareholders and debentureholders, respectively, vote in favour of the Transaction.
Tw Advisory has provided a fairness opinion to the Special Committee and Board of Directors that based upon and subject to the assumptions and limitation described in its opinion, the consideration to be received by shareholders and debentureholders, respectively, pursuant to the Transaction is fair, from a financial point of view, to the shareholders and debentureholders, respectively.
ADVISORS
Fillmore Riley LLP is acting as legal counsel to the Company. De Grandpré Chait S.E.N.C.R.L./LLP is acting as legal counsel to the Purchasers. Tw Advisory has provided the Special Committee and the Board of Directors with a fairness opinion in respect of the Transaction. Thompson Dorfman Sweatman LLP is acting as legal counsel to the Special Committee. Colliers Hotels is acting as advisor to the Company.
The Hotel Association of Canada (HAC) has announced the resignation of Susie Grynol from her position as president and CEO, effective June 3rd, 2024
To commemorate International Women’s Day 2024, Choice Hotels Canada presents the remarkable journeys of four distinguished women leaders within the Canadian hotel sector. Their stories of resilience, innovation, and…
Atlific Hotels has appointed Christine Kennedy to chief executive officer.
Atlific Hotels has made new changes to its executive leadership, promoting Philippe Gadbois to chief operating officer and Mo Darehshiri to chief financial officer.