Wayland Group declares completion of transaction with ICC International
Category: #business  By Mateen Dalal  Date: 2019-05-30
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Wayland Group declares completion of transaction with ICC International

The pro rata interest of ICC will not be raised in Wayland International by its contributions and developments.

Canada-based Wayland Group has reportedly announced that it has closed a transaction relating to the sale of a 49.9 percent interest in Maricann B.V. to ICC International Cannabis Corp. pursuant to the conditions of an edited and restated transaction contract and related subscription deal. Wayland now owns about 246,614,000 shares of ICC representing about 37 percent of the remaining ICC shares after closing on a fully diluted basis.

Reportedly, under the deal, ICC is anticipated to subsequently acquire a 49.9 percent interest in the balance of Wayland’s international assets portfolio, and upon closure of the deal, Wayland will positively own a sum of 300,000,000 ICC shares. It will represent an ownership interest of about 41.7 percent in ICC. Wayland aims to distribute ICC shares to its stakeholders after the closure of these transactions and upon securing any applicable approvals essential to distribute these shares on a tax effective basis.

With respect to the transaction, ICC has bought $6,357,836.91 of equipment and infrastructure from Wayland and agreed to make a cash contribution of $10 million to the Wayland International’s capital. ICC has also signified that it will make developments of a further $15 million regarding Demecan GmbH, a joint venture of Wayland, involving three lots of manufacturing unit awarded to its alliance in Germany by the Federal Institute for Drugs and Medical Devices. The pro rata interest of ICC will not be raised in Wayland International by its contributions and developments.

Reportedly, the previously announced strategic review of Wayland will continue to explore options to increase the value of international and Canadian businesses of Wayland for the benefit of its stakeholders and other shareholders. Such options may include transactions with other third parties as well.

For the record, Wayland, founded in the year 2013, is a vertically integrated grower and processor of cannabis. The Company is headquartered in Oakville, Ontario, Canada.

Source credit: https://www.globenewswire.com/news-release/2019/05/30/1856796/0/en/Wayland-Group-Closes-Transaction-with-ICC-International-Cannabis-Corp.html

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About Author

Mateen Dalal    

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

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