Saban Capital (Probably) Extending to March 31, 2019

Saban Capital Acquisition Corp. (SCAC)

Saban Capital filed a proxy this afternoon for a shareholder vote. Unfortunately, it’s not to vote on their business combination with Panavision and Sim.  Instead, shareholders will be asked to vote on the re-appointment of two Class B Directors and to ratify KPMG as their independent public accounting firm.

Since there was no mention of a vote for their business combination in the filing, this more than likely means Saban will be extending their deadline to March 31, 2019.  As a refresher, Saban can extend if they have executed a definitive agreement by December 31, 2018. Although, with no additional funds contributed to the trust.

To be clear, there is no definitive word as of yet on an extension, but since there is no mention in the current proxy regarding a vote on the combination, it would be unlikely they would squeeze in another proxy and vote between December 20th and December 31st.  However, additional news should be forthcoming.

We’ll keep you updated as soon as additional information is provided.