Saban Capital SCACU= 1C+1/2 W
As a result of the termination of the Business Combination Agreement, SCAC expects that it will, pursuant to its Amended and Restated Memorandum and Articles of Association, (1) starting on March 31, 2019, cease all operations except for the purpose of winding up
Trust - September 30, 2018, ~ $10.19. IPO Trust = $10.00 ~~~ $250,000,000, at JP Morgan Chase Bank. Trustee-Continental.
1 Wt + $11.50 ----- Call $18. Can call cashless.
Deadline extended to March 31, 2019
September 13, 2018 – Under the terms of the business combination agreement, Panavision and Sim will become wholly-owned subsidiaries of Saban Capital Acquisition Corp.
Headquartered in Woodland Hills, California, Panavision is an iconic designer, manufacturer and provider of high precision optics and camera technology for the entertainment industry and a leading global provider of production-critical equipment and services. Headquartered in Toronto, Canada, Sim is a leading provider of production and post-production solutions with facilities in Los Angeles, Vancouver, Atlanta, New York and Toronto.
The transaction reflects a valuation for the combined entity of $622 million (inclusive of debt) or approximately 5.9x fiscal year 2018 estimated Adjusted EBITDA. The cash component of the purchase price to be paid to the equity holders of Panavision and Sim will be funded by Saban Capital Acquisition Corp.’s cash in trust, which is approximately $250 million, a $55 million private placement of common stock at $10.00 per share secured from a mix of premier institutional investors as well as an affiliate of Saban Sponsor LLC and newly raised debt financing
Panavision’s obligation to consummate the Business Combination is conditioned on, among other things, (i) the redemptions by the public shareholders (including the Extension Amendment Redemptions) not exceeding 50% of the Class A ordinary shares held by the shareholders of SCAC at any time prior to the effective time of the Merger, (ii) the PIPE Investment proceeds used for purposes of satisfying any redemptions by the public shareholders not exceeding $25.0 million, and (iii) there being at least $125.0 million remaining in the trust account after satisfying redemptions (including the Extension Amendment Redemptions)
In connection with the Extension Amendment on September 18, 2018, $39.15 million was released from the trust account to satisfy the Extension Amendment Redemptions.
As of September 30, 2018, funds in the trust account totaled $215,371,398 and were held in money market funds.
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While our efforts to identify a prospective target business will not necessarily be limited to a particular industry, sector or region, we intend to capitalize on the expertise of our management team in the traditional and digital media, entertainment, communications and consumer brands.
Haim Saban, our Chairman nominee, is an entrepreneur and leader in the entertainment industry, with over forty years of experience as an operator and investor in media companies globally. Mr. Saban got his start by building a successful tour promotion business in Israel and later an independent record company in France. Upon moving to Los Angeles in 1983, he launched a chain of recording studios that became a top supplier of music for television. In 1988, Mr. Saban formed Saban Entertainment, an international television, production, distribution and merchandising company, which produced several major hits including X-Men and other shows around Marvel characters. In addition, Saban Entertainment introduced to the United States the Mighty Morphin Power Rangers, a global phenomenon that to this day is one of the top selling boys’ toy brands in the United State