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Leni Gas Cuba moves a step closer to Toronto listing

Published: 07:17 31 May 2016 EDT

Cuban cigars.
Cause for a celebratory cigar

The proposed takeover of Cuba-focused investment company Leni Gas Cuba Limited (ISDX:CUBA) by Knowlton Capital Inc (CVE:KWC.H) is proceeding to plan.

The Canadian company revealed last week that the takeover will be preceded by a consolidation of the Knowlton share capital that will see the number of shares in issue reduced from 46.58mln to 36.45mln.

Once that has taken place, Leni Gas Cuba (LGC) shareholders will be offered the chance to receive one Knowlton share for every 2.5 LGC shares they own.

To reflect the new corporate identity, Knowlton will change its name to LGC Capital Ltd, or something along those lines.

The new board will comprise two nominees of LGC, expected to be David Lenigas and Antony Samaha; three of the current Knowlton directors, Mazen Haddad, Guy Charette and Rafi Hazan; and one nominee for election as a director of Knowlton, Sébastien Bellefleur.

LGC Capital will also get a new management team, which will be the existing LGC management team.

LGC Capital intends to be listed on the TSXV and will carry on business as an investment company.

“The TSX-V is a leading exchange in North America for growth companies, and this transaction should provide a platform for improved depth and liquidity of the company's shares. Many brokers in the UK and elsewhere around the world can actively trade the TSX.V exchange,” noted David Lenigas, executive chairman of LGC.

“Canada has a long trading history with Cuba and is seen as the ideal place to access the North American capital markets as we seek to grow the company,” Lenigas said.

"I'm very pleased that the company and Knowlton have been able to finalise the definitive agreement for the proposed takeover of Leni Gas Cuba and arrange the first BVI Court hearing on such an accelerated timetable. We look forward to completion of the transaction as soon as possible," he added.

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