None of ESML
, the Solicitation Agent, the Trustee, the Escrow Agent, the Tabulation Agent or any person who controls, or is a director, officer, employee, agent of any such person, or any affiliate of any such person, makes any recommendation whether holders of the Notes should consent to the proposed amendments.
We are very pleased to have closed $450 million of bond financing for ESML
in the last few weeks.
We urge you not to recommend the current offer to shareholders and instead explore the following options for maximizing shareholder value: (1) negotiate an offer price from ESML
that more fairly represents the value of the Company, (2) solicit superior offers from other strategic and financial buyers, and (3) if a deal cannot be completed, pursue a leveraged recapitalization of the Company to allow public shareholders to participate in the same upside that the Offeror sees in an appropriately capitalized Securitas Direct.
The majority of the acquisitions have been made at a price below, and none at a price exceeding, the public cash offer made by ESML
Intressenter may purchase shares in Securitas Direct in the market, from time to time, as it deems appropriate.
Essar Global Fund Limited ("EGFL"), the ultimate shareholder of ESML
, also owns assets with 14 mtpa of existing iron ore pellet producing capacity and a further 6 mtpa of capacity under development.
In addition, ESML
Intressenter has received irrevocable commitments from a group of shareholders, post expiry of the acceptance period, over 9,880,000 series B shares.
Intressenter has so far reached an acceptance level of 73.
Since the original ESML
offer was announced, many of the class A holders' other public holdings have experienced substantial declines in market value.
The addendum to the offer document regarding ESML
Intressenter AB's cash offer to the shareholders and holders of warrants of Securitas Direct is now available in Swedish and English versions at www.
SakI AB, Melker Schorling AB and Investment AB Latour are irrevocably committed to the increased Offer and will contribute all of their shares in Securitas Direct to ESML
Intressenter AB in case of completion.
Pennant Capital Management is writing this letter to urge you to 1) reject the ESML
Intressenter offer, 2) pursue an optimal capital structure independent of a sale of the Company and 3) dismiss your conflicted advisors Skandinaviska Enskilda Banken AB ("SEB").