PharmaCielo Provides Update on Proposed Acquisition of Creso...

PharmaCielo Provides Update on Proposed Acquisition of Creso Pharma

Canada NewsWire

TORONTO, Nov. 1, 2019

TORONTO, Nov. 1, 2019 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXVCLO), today announced that in respect of its proposed acquisition of Creso Pharma Limited ("Creso Pharma") originally announced on June 6, 2019, and prior to the opening of the markets this morning, the Company was advised that Creso Pharma had received a supplementary independent expert report from BDO Corporate Finance (WA) Pty Ltd. updating its September 26, 2019 report, to now conclude that the Share Scheme of Arrangement (the "Share Scheme") under which PharmaCielo has proposed to acquire all of the issued and outstanding shares of Creso Pharma, is neither fair nor reasonable and is not in the best interests of shareholders of Creso Pharma.

The PharmaCielo Board of Directors has communicated that while it remains committed to closing the proposed transaction with Creso Pharma in its current form and in a disciplined manner, it will not increase the consideration that has been offered to Creso Pharma shareholders and listed optionholders as part of the acquisition. PharmaCielo has sought confirmation from the Board of Directors of Creso Pharma that it continues to support the Share Scheme, the option scheme and the other transactions contemplated by the Scheme Implementation Agreement originally announced on June 6, 2019.

This is the latest on the proposed takeover of Cresso by Pharmacielo.
Please read as it is importnat.
Maybe Cresso will come to senses or just stay on the path is destruction
Very poorly advised team on the Cresso Board.
Because of their patented materials they have and other intellectual properties along with growing
facilities, each share is worth $1.00 to $1.10 each AUD as I stated before.
Have a good weekend all and maybe on Monday the best words out of the company might be
""" The Deal With Pharmacielo is OFF!! """
Ciao.