Melrose Ventures Proposes Enhanced Bid for Controlling Stake in Hank Payments Corp

Melrose Ventures has declared its intention to acquire Hank Payments Corp, aiming for operational and equity control to revitalize the business. The Florida-based Melrose Group has taken a position exceeding 10% in Hank Payments Corp, and has formally notified its board about a takeover bid.

The offer entails purchasing a minimum of 8.5 million shares to surpass 51% ownership, with an increased cash offer of CAD $0.09 per share. This represents a substantial premium over prior offers. Concerns over shareholder dilution from recent financing moves sparked Melrose's decision. Since its IPO in 2021, Hank Payments has faced significant value and revenue losses.

Melrose demands transparency regarding debt and transactions, and seeks regulatory oversight by the SEC and OSC. The proposal underscores Melrose's commitment to enhanced shareholder communications and a strategic realignment of Hank Payments' future.