Panoramic has received commitments to purchase its remaining 18,793,580 shares in Horizon from sophisticated and professional investors at
The sale price represents a premium of 19.8% to the Horizon 10-day VWAP up to and including Friday,
Gross transaction proceeds receivable by Panoramic from the sale are approximately
The Management Agreement between Panoramic and Horizon will remain in place in the near term while longer term arrangements with respect to Horizon executive leadership and support functions are established. Furthermore, it is intended that
The sale to investors other than Zeta is expected to complete on Wednesday,
As the sale constitutes a sell down by a controller, for the purposes of on-sale, Panoramic will provide a cleansing notice. Following completion of the sale, Panoramic will cease to be a shareholder of Horizon.
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