Hi ERL Investors,
If you have been following the quarterly updates, you will have heard that Entrepreneur Resorts is merging with Genius Group whereby Genius Group is acquiring Entrepreneur Resorts Limited through a share exchange program, on the path towards our IPO.
Genius Group is the holding company that currently owns Entrepreneurs Institute, Genius School and GeniusU, and this week we appointed our Lead Advisor, Merchant Bank and Underwriter for an IPO on the NYSE American, with a target $15 million raise at a valuation of $120 million.
As a shareholder of ERL, you have the option to either convert your ERL shares to Genius Group shares, which will mean you will have public listed shares on the New York Stock Exchange and will continue to have an ownership stake in ERL via the holding company, Genius Group, or you can choose to keep your current ERL shares listed on the Seychelles Stock Exchange, MERJ.
We are at stage five of the acquisition process, and we are inviting you to join our EGM on Friday 3rd July, after which we will be asking you to decide which option you would like to choose. Here are the steps in the process:
Step 1 - Genius Group sends an offer to purchase ERL shares from shareholders (Mar 2020)
Step 2 - ERL Board votes to accept the offer and notify MERJ (Apr 2020)
Step 3 - ERL appoints independent advisor and valuer for the merger (Apr 2020)
Step 4 - Advisor and valuer give written opinion on the merits of the offer (Jun 2020)
>>>Step 5 - MERJ gives the go ahead for the merger and ERL gives notice of the EGM (now)
Step 6 - The EGM is held and all shareholders are given details of the merger (Fri 3rd Jul)
Step 7 - Shareholders follow a simple process to choose their option (3rd to 17th Jul)
Step 8 - For those who take the option, share transfers take place (Jul & Aug)
At the EGM we will explain the details of the merger and acquisition, as well as the plans up to and beyond the IPO. We are pleased to say the opinions of both our advisor & valuer in Seychelles and our advisor and investment bank in New York have been very favourable. Despite the crisis we are on track to have the IPO in Q1 2021.
We will also share with you the current valuations of ERL and Genius Group, the purchase price of the shares and the number of shares each shareholder will receive in Genius Group, and the process to vote for or against your shares being transferred. We will also explain the process by which shareholders can top up shares if they choose to. This will be the last opportunity to do so before the IPO.
We will also be taking questions both during and after the EGM to ensure you have all the information you need to make your decision. Please do make the time to attend live if you can. Here are the details:
Entrepreneur Resorts Ltd EGM
Date: Friday 3 July 2020
Time: 16h00 Singapore Time / 09h00 UK time
Link to join: https://us02web.zoom.us/j/85814082708
If you cannot attend live, a recording will be posted in the library of both investor circles on GeniusU.
Thank you for your continued support and we look forward to seeing you on the call.