TLC - Taiwan Liposome Company jumps 13% gives swap transaction details

A clinical-stage specialty pharmaceutical company, Taiwan Liposome Company (TLC) provides stock swap transactions with Woods Investment Company.Woods will issue Series B preferred shares as consideration at NT$100 a share, without adjustment mechanisms for price or share conversion ratio, in exchange for common shares of the company, for Woods’ 100% stake in the company, at the exchange ratio of 1:1.Major shareholders and PAG have allocated ~US$90M to redeem the shares after taking into account potential participation in the rollover transactions.Following privatization, Woods will execute its global business and corporate strategies and seek further tactical options internationally, which includes ~$50M additional funding.If the conversion application has not been duly made with the complete documentation within the prescribed period, Woods will fully redeem the remaining Series B preferred shares at NT$100 per share.Stock gains 13.5% pre-market.

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Taiwan Liposome Company jumps 13%, gives swap transaction details