Toy manufacturer Spin Master announces secondary offering of CAD $61M
by CM Staff
Spin Master's co-founder is engaging in the sale of voting shares to fulfill a commitment to fund a private growth equity venture.
TORONTO — Spin Master Corp., a toy manufacturer, announced that Anton Rabie, a co-founder and member of the Company’s Board of Directors, through a company he controls has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and TD Securities Inc. for the sale, on a “bought deal” secondary basis, of 1,900,000 subordinate voting shares of the Company held by the Selling Shareholder at a price of C$32.10 per subordinate voting share.
The Company will not receive any proceeds from the sale of subordinate voting shares associated with the Offering. The Selling Shareholder will bear all the expenses related to the Offering, including payment of the Underwriters’ fee.
Mr. Rabie has informed the Company that he is proceeding with this disposition in order to fulfill a long-standing prior commitment to funding a private growth equity fund he founded. This disposition is intended to satisfy all of his near-term financial commitments.
Closing of the Offering is expected to occur on or about November 17, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.
