Specialist Investment Company, MMJ Group Holdings Limited (ASX: MMJ) ("MMJ"), wishes to advise that BevCanna Enterprises Inc.(CSE:BEV) (“BEV” or “BevCanna”) has announced an offer (the Offer) to acquire 100% of Embark Health Inc. (“Embark”). MMJ’s investment in Embark consists of shares and warrants with a current book value of CAD2.4m.
Subject to a review of the Offer documentation, MMJ expects that its share of the Initial Consideration (refer below) would approximate the current book value of MMJ’s investment.
In commenting on the transaction, MMJ’s Chairman, Mr. Wall said “This proposed acquisition of Embark Health Inc. is beneficial for MMJ investors. It would allow MMJ to exit its investment at its book value and retain a share in the potential upside of the larger merged Bevcanna business.”
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