CORAL GABLES, Fla., Nov. 5, 2024 /CNW/ - Sucro Limited (TSXV: SUGR) (OTCQB: SUGRF) ("Sucro" or the "Company"), an integrated sugar refiner focused primarily on serving North American sugar markets, announced today that Beta San Miguel, S.A. de C.V. ("BSM"), one of the largest sugar refiners in Mexico by volume and sales, has acquired subordinate voting shares from the Company's controlling shareholder, SC Americas Corp. ("SC Americas"), representing 15.93% of the voting and equity shares of the Company. SC Americas, which prior to the transaction owned approximately 67.5% of the voting and equity shares of the Company, is controlled by Jonathan Taylor, the founder, Chief Executive Officer and a director of the Company. In ancillary transactions, BSM has granted the Company certain first offer, first refusal and matching rights for the purchase of raw and refined sugar exported by BSM from Mexico. Additionally, Sucro has appointed a nominee of BSM to its board of directors and granted BSM certain board nomination and pre-emptive rights under an investor rights agreement. Jonathan Taylor and SC Americas have also entered into a "hard" lock-up and support agreement with BSM under which they have agreed, subject to certain conditions, to tender a certain number of Sucro shares to BSM if BSM makes a formal takeover bid for all subordinate voting shares of the Company within certain defined periods in 2027 or 2028, or to vote in favor of an equivalent alternative transaction.
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