The agreement is subject to financing and the terms of the partnership agreement which provides for a 30-day right of first refusal with an additional 15-day tag-along right
to our partner.
'The transaction is in line with the tag-along right
of Orix and GT Capital Group's decision to continue its indirect participation in the power industry,' GT Capital said in a separate disclosure Friday.
It also has a tag-along right
, which allows it to sell its holdings in the joint-venture company, Alphaland Bay City (ABC), on the same terms Alphaland is transferring its shares to Ashmore.
Such provision is commonly agreed along with a "tag-along right
" for the minority, so that the majority cannot sell their shares without any purchaser also making the same offer to the others.
If the investor is not willing to remain a co-owner with the proposed third-party purchaser, the minority investor can elect to exercise its tag-along right
and participate in the sale to the third party.
The sale is a result of the Canadian company's exercising its tag-along right
as part of Spanish transport infrastructure company Ferrovial SA's (MCE:FER) offload of a 5.72% indirect stake in Heathrow Airport Holdings to Stable Investment, which was unveiled on Wednesday.
The agreement also allows BOI certain customary investor protections, including prohibiting the issuance of securities in CB&T senior to its common stock, and granting BOI certain registration rights, rights to participate in future financings, rights of first refusal and certain tag-along rights
The acreage swap will allow Jericho to increase its acreage position in areas in or near current horizontal well development; participate in the drilling of multiple horizontal wells targeting the Meramec and Osage formations within the companys acreage footprint; continue to aggregate critical drilling, completion and lateral placement data from a STACK operator; secure tag-along rights
for a portion of its Blaine County STACK JV acreage; and increase production and potentially reserves.
Under the mandatory tender offer for all the shares of BBVA Chile required under Chilean law or the Said family's tag-along rights
under the shareholders agreement of BBVA Chile, the Said family has the right to sell its shares of BBVA Chile on the same basis to Scotiabank.