share_log

CloudMD Announces Go-Private Transaction With CPS Capital

CloudMD Announces Go-Private Transaction With CPS Capital

CloudMD 宣佈與 CPS Capital 進行私有化交易
GlobeNewswire ·  05/15 20:46

TORONTO, May 15, 2024 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, Frankfurt: 6PH) (the "Company" or "CloudMD"), an innovative health services company transforming the delivery of care, and CPS Capital ("CPS Capital"), an entrepreneurial investment firm partnering with businesses and teams to realize their growth goals, are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement") pursuant to which CPS Capital (through an affiliate) (the "Purchaser") has agreed to acquire all of the outstanding common shares (the "Shares") of CloudMD for cash consideration of C$0.04 per Share (the "Transaction").

多倫多,2024年5月15日(GLOBE NEWSWIRE)——改變醫療服務的創新醫療服務公司CloudMD Software & Services Inc.(TSXV:DOC,法蘭克福:6PH)(“公司” 或 “CloudMD”)和與企業和團隊合作實現增長目標的創業投資公司CPS Capital(“CPS Capital”)很高興地宣佈,他們已經簽訂了安排協議(“安排協議”),根據該協議,CPS Capital(通過關聯公司)(“買方”)同意收購所有未償還的股份CloudMD的普通股(“股份”),現金對價爲每股0.04加元(“交易”)。

The Transaction is the culmination of a strategic and liquidity review that the Special Committee (as defined below) has been engaged in since July 2023, with the assistance of INFOR Financial Inc. Such review was necessary to address the Company's liquidity issues, which were largely the result of the number of acquisitions that the Company completed over the last four years. Although management of the Company was able to deliver on organic growth targets and strengthen the balance sheet (through cost reductions resulting in over C$20 million in cost savings) while creating an ecosystem of care, the Company's forecasted liquidity issues impacted the Company's ability to remain a going concern. This is the result of the Company being unable to generate positive cashflow to support the business while making scheduled debt repayments, along with limited refinancing opportunities on commercially reasonable terms without onerous covenants, restricted business operations and forecasted growth initiatives.

該交易是特別委員會(定義見下文)在INFOR Financial Inc.的協助下自2023年7月以來一直在進行的戰略和流動性審查的高潮。此類審查對於解決公司的流動性問題是必要的,流動性問題主要是該公司在過去四年中完成的收購數量造成的。儘管公司的管理層能夠實現有機增長目標並加強資產負債表(通過降低成本節省超過2000萬加元的成本),同時創建了護理生態系統,但該公司預測的流動性問題影響了公司保持持續經營的能力。這是由於公司無法在定期償還債務的同時產生正現金流來支持業務,而且在沒有繁瑣的契約、限制業務運營和預期的增長計劃的情況下,以商業上合理的條件進行再融資的機會有限。

The Transaction provides the capital to support the Company's business with specific consideration to all of the Company's stakeholders and was the best alternative available to ensure the ongoing viability of the Company. If the Transaction is not completed, the Company does not expect that there will be an alternative that would provide any value to the holders of CloudMD's equity securities.

該交易爲支持公司業務提供了資金,同時特別考慮了公司的所有利益相關者,是確保公司持續生存能力的最佳選擇。如果交易未完成,公司預計不會有爲CloudMD股權證券持有人提供任何價值的替代方案。

Karen Adams, Chief Executive Officer of CloudMD, stated:

CloudMD 首席執行官 Karen Adams 表示:

"We are happy to receive the support of CPS Capital, which will provide us with the ability to execute on our long-term plan, accelerate growth, and move forward on a strong financial footing. The Transaction will provide the Company with much-needed capital to execute on future initiatives to sustain and grow the business. The healthcare sector has large demand for outcome-based service providers who have the ecosystem of services."

“我們很高興得到CPS Capital的支持,這將使我們能夠執行長期計劃,加速增長並在堅實的財務基礎上向前邁進。該交易將爲公司提供急需的資金,以執行未來維持和發展業務的舉措。醫療保健行業對擁有服務生態系統的基於結果的服務提供商有很大的需求。”

Mike Arblaster, Partner at CPS Capital, stated:

CPS Capital合夥人邁克·阿布拉斯特表示:

"We are excited to invest in CloudMD given its large and diverse customer base combined with its industry leading service offerings. The Transaction is especially exciting for CPS Capital given our experience in the employer healthcare space. We are confident that the Transaction will provide the required liquidity and support to enable CloudMD to achieve its strategic vision of advancing the role of healthcare navigation in managing health and wellbeing, creating value for its customers, individuals, employees, healthcare providers and partners. We look forward to partnering with the CloudMD team to build on the strength of their capabilities and create new opportunities for the Company and its employees to thrive and grow."

“鑑於CloudMD龐大而多樣化的客戶群以及行業領先的服務產品,我們很高興投資CloudMD。鑑於我們在僱主醫療保健領域的經驗,這筆交易對CPS Capital來說尤其令人興奮。我們相信,該交易將提供所需的流動性和支持,使CloudMD能夠實現其戰略願景,即推進醫療保健導航在管理健康和福祉方面的作用,爲客戶、個人、員工、醫療保健提供者和合作夥伴創造價值。我們期待與CloudMD團隊合作,在他們的能力基礎上再接再厲,爲公司及其員工的蓬勃發展和成長創造新的機會。”

CPS Capital is funding the Transaction through a combination of equity from its new flagship fund CPS Partners Fund V and its previous flagship fund CPS Partners Fund IV.

CPS Capital通過其新旗艦基金CPS Partners Fund V和之前的旗艦基金CPS Partners Fund IV的股權組合爲本次交易提供資金。

Transaction Summary

交易摘要

The Transaction will be completed pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Transaction will be subject to the approval of at least: (i) 662⁄3% of the votes cast by shareholders; (ii) 662⁄3% of the votes cast by shareholders and optionholders voting as a single class; and (iii) 50% of the votes cast by disinterested shareholders at a special meeting of CloudMD securityholders expected to be held before the end of June 2024. In addition to securityholder approval, the Transaction is also subject to the receipt of certain regulatory, court and stock exchange approvals and other closing conditions customary in transactions of this nature.

該交易將根據法院批准的安排計劃完成 《商業公司法》 (不列顛哥倫比亞省)。該交易將獲得至少:(i)662⁄3%的股東選票的批准;(ii)股東和期權持有人作爲單一類別投票的662⁄3%的選票;以及(iii)在預計於2024年6月底之前舉行的CloudMD證券持有人特別會議上不感興趣的股東所投的50%的選票。除了證券持有人的批准外,該交易還需要獲得某些監管、法院和證券交易所的批准以及此類性質交易中慣用的其他成交條件。

The Arrangement Agreement includes, among other things, non-solicitation covenants on the part of the Company (subject to customary fiduciary out provisions) and a right for the Purchaser to match any competing offer that constitutes a superior proposal. Under certain circumstances, the Purchaser is entitled to a $3 million termination fee or an expense reimbursement to a maximum of $1.5 million, and CloudMD is entitled to a $1.75 million reverse termination fee.

除其他外,該安排協議包括公司的非招標承諾(受慣常的信託出局條款約束),以及買方匹配構成優越提案的任何競爭性報價的權利。在某些情況下,買方有權獲得300萬美元的終止費或最高150萬美元的費用補償,而CloudMD有權獲得175萬美元的反向終止費。

The directors and executive officers of CloudMD, who collectively hold approximately 0.16% of the outstanding Shares and approximately 0.60% of the outstanding Shares and stock options collectively, entered into voting support agreements with the Purchaser to support the Transaction.

CloudMD的董事和執行官共持有約0.16%的已發行股票和約0.60%的已發行股票和股票期權,他們與買方簽訂了支持該交易的投票支持協議。

Following completion of the Transaction, the Shares will be delisted from the TSX Venture Exchange (the "TSXV"), and the Company will apply to cease to be a reporting issuer in applicable provinces in Canada.

交易完成後,股票將從多倫多證券交易所風險交易所(“TSXV”)退市,該公司將申請停止成爲加拿大適用省份的申報發行人。

CloudMD Board Recommendation

CloudMD 董事會建議

The Transaction has been unanimously approved by the Board of Directors of the Company following the unanimous recommendation of a special committee of independent directors of the Company (the "Special Committee"). INFOR Financial has provided an opinion to the Special Committee that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration offered to the CloudMD shareholders pursuant to the Transaction is fair, from a financial point of view, to the CloudMD shareholders.

根據公司獨立董事特別委員會(“特別委員會”)的一致建議,該交易已獲得公司董事會的一致批准。INFOR Financial已向特別委員會提供了一份意見,即從財務角度來看,根據該交易向CloudMD股東提供的對價對CloudMD股東來說是公平的,基於並遵守其中規定的假設、限制和條件。

Interim Financing

臨時融資

To support the Company's liquidity needs during the period prior to closing the Transaction, CPS Capital (through an affiliate) has agreed to provide a $1 million secured bridge loan to the Company, and the Company's secured lender under the Company's existing credit facilities (the "Credit Facilities") has agreed to extend an additional line of credit to the Company in the amount of $2 million, in addition to forbearance of the Credit Facilities during the period prior to closing of the Transaction.

爲了支持公司在交易完成前期間的流動性需求,CPS Capital(通過子公司)已同意向公司提供100萬美元的有擔保過渡貸款,公司現有信貸額度(“信貸額度”)下的有擔保貸款機構已同意向公司提供金額爲200萬美元的額外信貸額度,此外還將在收盤前延長信貸額度交易。

Timing

時機

Full details of the Transaction will be included in the Company's management information circular, which is expected to be mailed to securityholders in June 2024 in connection with the securityholders meeting expected to be held before the end of June 2024. Securityholders are urged to read the information circular once available, as it will contain additional important information concerning the Transaction. The Arrangement Agreement will also be filed on the Company's profile on SEDAR+ at .

該交易的全部細節將包含在公司的管理信息通告中,該通告預計將於2024年6月郵寄給證券持有人,該通告與預計於2024年6月底之前舉行的證券持有人會議有關。我們敦促證券持有人閱讀信息通告,因爲該通告將包含有關該交易的其他重要信息。安排協議也將在SEDAR+的公司簡介中提交,網址爲。

Advisors

顧問

INFOR Financial is acting as the exclusive strategic and financial advisor to CloudMD and Cassels Brock & Blackwell LLP is acting as legal counsel to CloudMD in connection with the Transaction.

INFOR Financial擔任CloudMD的獨家戰略和財務顧問,Cassels Brock & Blackwell LLP擔任CloudMD與該交易有關的法律顧問。

Owens Wright LLP is acting as legal counsel to CPS Capital in connection with the Transaction.

歐文斯·賴特律師事務所擔任CPS Capital與該交易有關的法律顧問。

2023 Annual Financial Results

2023 年年度財務業績

The Company will file its audited consolidated financial statements and accompanying management's discussion and analysis for the fourth quarter and year end December 31, 2023 (the "Annual Financial Filings") on May 15, 2024. There will not be a conference call to discuss the Company's Q4 2024 results. The failure-to-file cease trade order that was issued by the Ontario Securities Commission on May 7, 2024, is expected to be revoked shortly following the filing of the Annual Financial Filings, with trading of the Shares on the TSXV expected to resume thereafter.

公司將於2024年5月15日提交經審計的合併財務報表以及隨附的管理層2023年12月31日第四季度和年終的討論和分析(“年度財務報告”)。不會舉行電話會議來討論公司2024年第四季度的業績。安大略省證券委員會於2024年5月7日發佈的未能申報的停止交易令預計將在提交年度財務申報後不久被撤銷,多倫多證券交易所股票的交易預計將在此後恢復。

About CloudMD

關於 CloudMD

CloudMD is an innovative North American healthcare service provider focused on empowering healthier living by combining leading edge technology with an exceptional national network of healthcare professionals. Every day, our employees and health care providers live our values of delivering excellence, collaboration, connected communication and accountability to solve complex health problems. CloudMD's industry leading workplace health and wellbeing solution, Kii, supports members and their families with a personalized and connected healthcare experience across mental, physical and occupation health. Kii delivers superior clinical health outcomes, consistent high engagement, and measurable ROI for payers such as employers, educational institutions, associations, government, and insurers. CloudMD is also a market leader in workplace absence management through data-driven prevention, intervention and return to work programs.

CloudMD 是一家創新的北美醫療保健服務提供商,致力於通過將前沿技術與卓越的全國醫療保健專業人員網絡相結合,爲更健康的生活提供保障。每天,我們的員工和醫療保健提供者都在實踐我們的價值觀,即提供卓越、協作、互聯溝通和問責制,以解決複雜的健康問題。CloudMD 行業領先的工作場所健康和福祉解決方案 Kii 爲成員及其家人提供涵蓋心理、身體和職業健康的個性化和互聯醫療保健體驗。Kii爲僱主、教育機構、協會、政府和保險公司等付款人提供卓越的臨床健康結果、持續的高參與度以及可衡量的投資回報率。通過數據驅動的預防、干預和復工計劃,CloudMD 還是工作場所缺勤管理的市場領導者。

In addition, the Company sells health and productivity tools to hospitals, clinics, and other healthcare service providers to empower them to deliver better care. Visit to learn more about the Company's comprehensive healthcare offerings.

此外,該公司還向醫院、診所和其他醫療保健服務提供商銷售健康和生產力工具,使他們能夠提供更好的護理。訪問以了解有關公司全面醫療服務的更多信息。

"Karen Adams"
Chief Executive Officer

凱倫亞當斯
首席執行官

FOR ADDITIONAL INFORMATION, CONTACT:

欲了解更多信息,請聯繫:

Investor Relations
Investors@cloudmd.ca
1-647-484-1405

投資者關係
Investors@cloudmd.ca
1-647-484-1405

About CPS Capital

關於CPS Capital

CPS Capital is a middle market private equity firm, based in Toronto, founded by owner-operators who look to partner with business owners to realize their growth and transition goals. CPS Capital is focused on North American opportunities to invest in exceptional businesses in growing industries with attractive characteristics. CPS Capital brings significant capability, expertise, and capital to provide business owners with an attractive option compared to traditional financial or strategic buyers.

CPS Capital是一家中間市場私募股權公司,總部位於多倫多,由所有者兼運營商創立,他們希望與企業主合作以實現其增長和過渡目標。CPS Capital專注於北美投資具有吸引力特徵的成長型行業的卓越企業的機會。與傳統的財務或戰略買家相比,CPS Capital具有強大的能力、專業知識和資本,可爲企業主提供有吸引力的選擇。

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

多倫多證券交易所風險投資交易所及其監管服務提供商(該術語在多倫多證券交易所風險交易所的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。

Forward Looking Statements

前瞻性陳述

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities laws, including statements relating to the Transaction, including in respect of the impact of the Transaction, the anticipated meeting date and mailing of the information circular in respect of the meeting, timing for completion of the Transaction and receiving the required regulatory and court approvals, CloudMD's expectations regarding liquidity and continuity of the Company's business and operations, the availability of the bridge loan and line of credit and continued forbearance through the period until closing of the Transaction, the timing of the filing of the Annual Financial Filings, and the timing of the revocation of the failure-to-file cease trade order and resumption of trading on the TSXV. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as "forecast", "projected", "assumption" and other similar expressions or future or conditional terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and "should". Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management's expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company's MD&A (which is filed under the Company's issuer profile on SEDAR+ and can be accessed at ), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.

本新聞稿包含加拿大證券法所指的 “前瞻性陳述” 和 “前瞻性信息”,包括與交易有關的陳述,包括交易的影響、預期會議日期和會議信息通告的郵寄、交易完成以及獲得所需監管和法院批准的時間安排、CloudMD對公司業務和運營流動性和連續性的預期、橋樑的可用性貸款和信貸額度,以及在交易結束之前的持續寬容、提交年度財務申報的時間以及撤銷未能申報的停止交易令和多倫多證券交易所恢復交易的時機。所有本質上不明確的歷史信息都可能構成前瞻性陳述。在某些情況下,前瞻性陳述可以通過使用 “預測”、“預測”、“假設” 等術語或未來或條件術語來識別,例如 “預期”、“相信”、“可能”、“估計”、“期望”、“打算”、“可能”、“計劃”、“預測”、“項目”、“將” 和 “應該”。本新聞稿中包含的前瞻性陳述基於CloudMD管理層根據其當前對其業務的預期、估計、預測、假設和信念做出的某些因素和假設,CloudMD不保證實際業績將符合管理層的預期。儘管根據他們目前獲得的信息,管理層認爲這些假設是合理的,但這些假設可能被證明是不正確的。此類前瞻性陳述不能保證未來的事件或業績,就其性質而言,涉及已知和未知的風險、不確定性和其他因素,包括公司管理層和分析中描述的風險(該報告在SEDAR+的公司發行人簡介下提交,可在以下網址查閱),這些風險可能導致實際業績、業績或成就與此類前瞻性聲明所表達或暗示的任何未來業績、業績或成就存在重大差異。儘管CloudMD試圖確定可能導致實際行動、事件或結果與前瞻性陳述中描述的重大差異的重要因素,但其他因素可能導致行動、事件或結果與預期、估計或預期的不同。無法保證此類陳述會被證明是準確的,因爲實際結果和未來事件可能與此類前瞻性陳述中的預期有所不同或存在重大差異。因此,讀者不應過分依賴前瞻性信息。除非適用的證券法另有要求,否則CloudMD不承諾更新任何前瞻性信息,無論是由於新信息還是未來事件或其他原因導致的。


譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
    搶先評論