After The Closing Bell: OPES Releases Vote Info, BROG’s Dividend

Ahead of GreenVision Acquisition Corp.’s (GRNVU) anticipated IPO pricing tonight, below is a short summary of Monday’s notable evening news.

OPES ACQUISITION CORP. (OPES)

Early this afternoon, Opes Acquisition Corp. (OPES), released the details of their shareholder vote to approve their extension deadline from November 15, 2019 to December 16, 2019, or January 15, 2020 if they extend an additional 30 days further. As you can see below, investors overwhelmingly voted yes to give them a two-month extension.  Additionally, OPES had approximately $96 million held in trust heading into the vote and only 228,001 shares opted to redeem at a price of $10.43 per share.  As a result of those redemptions, $2,378,050 was removed from trust and the number of public shares outstanding is now 8,989,246.  That’s a great extension vote result. The approximate new trust value is $93.8 million.

As a reminder, the Company’s Sponsor will be contributing $0.0325 for each public share that was not converted in connection with the Extension for each 30-day extension, or $0.065 if OPES needs the full two-months.

RESULTS

TWELVE SEAS INVESTMENT CORP. (BROG)

Twelve Seas Investment Company (BROG), which recently set their shareholder vote date for December 17th to complete their combination with Brooge Petroleum, announced Brooge intends to engage in discussions with current investors and potential investors of Twelve Seas, regarding Brooge Holdings paying a quarterly dividend to its public shareholders following the consummation of the business combination.  However, the press release went on to say that, “The amount and terms of such dividend, if any, have not yet been determined and no assurance can be given that Brooge Holdings will ultimately pay any dividend to its shareholders.”  So it’s a possibility, but no guarantees.

Additionally, there was big volume today (and Friday as well) in Twelve Seas’s share.  Today saw 2,084,049 shares trade hands and Friday saw volume of 1,643,679.  However, the share price never traded above the current estimated trust value of $10.31 per share and closed at $10.29.  Whether that’s investors interested in the above dividend, hard to confirm.

(Brooge Petroleum is a United Arab Emirates (“UAE”) company in the oil storage and services business.)