Hardie & Kelly Octopus Holdings Ltd.Octopus Holdings Ltd.

RECEIVERSHIP PROCEEDINGS

On June 13, 2019, the Court of Queen’s Bench of Alberta (the “Court”) issued an Order appointing Hardie & Kelly Inc. as Receiver of Octopus Holdings Ltd. (“Octopus”).

STALKING HORSE SALES PROCESS

Also on June 13, 2019, the Court approved a stalking horse sales process for the Receiver to undertake to attempt to seek a Superior Offer (as defined below) for the sale of the Receiver’s right, title and interest in 40 units in the East Winds Carribbean Limited Partnership (“EWCLP”), the substantial asset of which is a wholly owned interest in the East Winds Resort located in Labrelotte Bay, Quarter of Gros Islet, Saint Lucia.

Upon execution of a Confidentiality Agreement acceptable to the Receiver, interested parties will be provided access to an electronic data room.

Interested parties must submit a Final Bid by 12:00 p.m. (Mountain Time) on Friday, August 23, 2019, or such other date and time as may be agreed by the Receiver. A Final Bid will only be considered a Superior Offer, if it contains, inter alia:

  • A duly executed purchase and sale agreement, which contains substantially the same terms and conditions as the Proposed Stalking Horse APA; and
  • A blackline of the purchase and sale agreement to the Proposed Stalking Horse APA;
  • It is for minimum cash considerations of;
    • $2,600,001 CAD; plus
    • An amount sufficient to satisfy the Post-Filing Amounts, with such amounts to be estimated by the Receiver if necessary;
    • It is conditional upon Court approval;
    • It includes written evidence of a financial commitment or such other indication of the ability to close;
    • It is accompanied by a non-refundable deposit (the “Deposit”) in the form of a wire transfer (to a bank specified by the Receiver) or such other form acceptable to the Receiver, in trust, in an amount equal to 10% of the total consideration in the Final Bid to be held and dealt with in accordance with this Stalking Horse Sales Process;
    • It is not conditional upon:
      • The outcome of unperformed due diligence by the bidder; or
      • Obtaining financing.
      • It is received by the bid deadline.

In the event of a discrepancy between this information and that formally approved by the court, the court approved documents shall prevail.

Interested parties are to contact Mr. Kevin Meyler at kmeyler@insolvency.net or 403.536.8526 for more information with respect to the sales process.

APPLICATIONS

RECEIVER’S REPORTS

COURT ORDERS