The following is a summary of the conference call that KC and I had with Matt Mcleod and Jeff Ayotte.
At the end of the day this is what we have, like it or hate it the reality is we need to start over. Once it starts trading ( or trading as CRY or ICC, you need to decide if you want to take your loss and sell or if you want to wait it out and hope that the ship is steering in the right direction. In my mind its going to be baby steps.
Cryptologic have signed a LOI to acquire 100% of Wayland’s Canadian assets which represents 70% of Cryptologic. This means Wayland shareholders will receive shares representing 70% of Cryptologic when the deal closes.
$4 valuation values Wayland at approximately $232mm which is a benefit to Wayland shareholders.
New auditors have been appointed and are looking at a rough timeline of late September to complete the financials and possibly remove the CTO sometime in October. Which will allow WAYL to trade again.
This is the best deal for Wayland and the shareholders that is available; the current market sentiment within Canada is not favourable and does not offer LP’s a premium.
The transaction does not need a shareholder vote.
Wayland expect to issue more frequent Press releases as material information becomes available.
There is a potential for shareholders to own shares in 3 companies.
Langton Facility will focus on completing Phase 1b as this completion will help speed up packaging and shipping. The funds for this will come from the CRY deal.
ICC – Still negotiating the terms for the 49,9% of Wayland and now added the additional overseas subsidiary assets that are the remaining 51.1% of Wayland. There are a lot of moving parts and such these negotiations are difficult and time consuming.
Also I was asked a few times why Wayl is still trading on the OTC, here is the answer I rec'd.
The OTC doesn’t recognize the OSC who is a Canadian regulatory body who issued the CTO for failing to file the financials in a timely manner. OTC is regulated by FINRA. FINRA makes a decision based on the home market and their own set of rules, in the case of Wayland, FINRA are happy for the stock to continue trading.
Don't ask me to explain it...I am just the messenger.