ATLANTA, March 16, 2017 /CNW/ - Privet Fund Management LLC ("Privet") announced today that Privet sent to the board of directors of Norsat International Inc. ("Norsat") (TSX:NII, NYSE MKT:NSAT) a letter indicating its interest in acquiring 100% of the common shares of Norsat not already owned at a price of US$10.25 per share in cash pursuant to a consensual, negotiated transaction. The letter is non-binding and is subject to, among other things, satisfactory completion of Privet's due diligence review of Norsat, the receipt of financing by Privet and the negotiation and execution of a mutually acceptable definitive agreement between Privet and Norsat.
Privet continues to maintain ownership and control of 1,027,170 common shares of Norsat, representing approximately 17.6% of the outstanding common shares (based upon the 5,848,808 common shares stated to be issued and outstanding as of March 7, 2017 by Norsat in its management's discussion and analysis for the period ended December 31, 2016 filed on March 8, 2017).
Privet, a Delaware limited liability company and a registered investment advisor under the United States Investment Advisers Act of 1940, as amended, is the investment advisor to Privet Fund LP, a Delaware limited partnership. Ryan Levenson is the sole managing member of Privet, which is the general partner and investment advisor of Privet Fund LP. Each of Privet Fund LP and Ryan Levenson may be considered joint actors with Privet in connection with the disclosure set out herein.
An early warning report on Form 62-103F1 is being filed by Privet in accordance with applicable Canadian securities laws and will be available on the SEDAR website at www.sedar.com. The report is an amendment to a report on Form 62-103F2 (Required Disclosure by an Eligible Institutional Investor under Section 4.3) dated September 19, 2016.
Additional information is also being filed by Privet, Privet Fund LP and Ryan Levenson in accordance with applicable U.S. securities laws.
Depending on various factors, Privet may take such actions with respect to its investment in Norsat as it deems appropriate, including, without limitation, purchasing additional securities or other financial instruments relating to Norsat or selling some or all of the securities, engaging in hedging or similar transactions with respect to securities related to Norsat and/or otherwise changing its intentions with respect to the purposes of its investment in Norsat.
SOURCE Privet Fund Management LLC