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Tender Offer Amended to up to 9.9% of Class A Shares
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Tender Offer Extended Until 5:00pm Eastern Time on June 3, 2025
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ST. HELIER, Jersey, May 20, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) today announced that it is extending and amending its ongoing all-cash tender offer (the “Tender Offer”) to acquire class A limited voting shares (the “Class A Shares”) in the capital of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”).
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Pursuant to the terms of a third amended and restated offer document dated May 20, 2025 (the “Offer Document”), Plantro has increased the consideration under the Tender Offer to $30 per Class A Share, payable in cash (the “Tender Price”). Plantro has also extended the expiry date of the Tender Offer to 5:00pm (Eastern Time) on June 3, 2025, unless the Tender Offer is further varied, extended, or withdrawn in accordance with the terms of the Offer Document (the “Expiry Time”). The maximum number of Class A Shares to be purchased under the Tender Offer has been reduced to 1,398,887 Class A Shares, reflecting that, together with the 435,150 Class A Shares Plantro currently owns, the Tender Offer is for a maximum of 9.9% of ISC’s issued and outstanding Class A Shares.
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Due in part to the extreme lack of trading liquidity of the Class A Shares, Plantro reduced the size of the Tender Offer and increased the Tender Price. The Tender Offer is an opportunity for shareholders weary of the ISC board of directors’ continued refusal to take actions to unlock value for shareholders, to realize full and fair value for their Class A Shares.
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Plantro notes that the Tender Price of $30 is above the 12-month price target of $28 per Class A Share maintained by the sell-side analyst for ISC’s primary financial advisor and equals the 12-18 month price target provided by a sell-side analyst of the other major Canadian investment bank providing research coverage of the Company.
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Finally, based on Plantro’s calculations, the Tender Price values the Company at approximately 20.3x Price to LTM EPS, 19.0x Enterprise Value to LTM Levered Free Cash Flow and 9.6x Enterprise Value to LTM EBITDAi.
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Shareholders are urged to consider this attractive opportunity to receive certainty of value and all-cash consideration.
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Shareholders of ISC who have already validly deposited and not withdrawn their Class A Shares are not required to take any further action to accept the Tender Offer and will be deemed to have deposited their Class A Shares at the increased Tender Price. No Class A Shares will be taken up and paid for by Plantro pursuant to the Tender Offer until after the Expiry Time.
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Other than as set out herein, all other terms of the Tender Offer remain unchanged. Details of the Tender Offer, including instructions for tendering Class A Shares, are included in the Offer Document. The Offer Document and the third amended and restated letter of transmittal dated May 20, 2025 (together with the Offer Document, the “Offer Documents”) will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca. Shareholders of ISC should carefully read the Offer Documents prior to making a decision with respect to the Tender Offer.
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About Plantro
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Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.
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Shareholder Questions
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Shareholders of ISC who have questions with respect to the Tender Offer, or who need assistance in depositing their Class A Shares, should please contact the depositary or the information agent for the Tender Offer at the contact details below:
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Depositary: Odyssey Trust Company
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Toll Free (US & Canada): 1-888-290-1175
Calls (All Regions): 587-885-0960
Email: [email protected]
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