Fluid Music Canada, Inc. (FMN.TO) said on Wednesday that it has acquired 100% of Somerset Entertainment Income Fund (SOM_UN.TO).
Pursuant to Fluid's previously announced take-over bid for Somerset, 13.40 million Somerset trust units and 3.32 million Class B LP Units of Somerset Entertainment Limited Partnership were deposited to the offer and taken up by Fluid thereunder. The offer expired on November 25, all of the conditions of the offer having then been satisfied.
Payment for all such Units acquired pursuant to the offer and the compulsory acquisition would be made on November 26, comprised of about C$15.66 million in cash, 1.34 million Fluid common shares and C$27.561 million aggregate principal amount of convertible debentures of Fluid.
The convertible debentures of Fluid issued pursuant to the offer and compulsory acquisition have been conditionally approved for listing on the Toronto Stock Exchange, subject to Fluid satisfying the usual requirements of the Exchange. It is anticipated that trading of the convertible debentures will commence on or about November 30 under "FMN.DB" ticker.
As Somerset has become a wholly-owned subsidiary entity of Fluid, the Somerset units would be delisted from the Toronto Stock Exchange and Fluid would be seeking customary orders to permit Somerset to cease being a reporting issuer under Canadian securities legislation.
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