British Columbia · NOI
This second report (the “Second Report”) has been prepared by the Proposal Trustee to provide to the Court information regarding: (a) the current status of the Sale Transaction; (b) a request for an Order approving a further amendment to the Purchase Agreement, extending the permitted time frame to complete the Sale Transaction; (c) a request to extend the Stay Period by up to 45 days, with the support of the Proposal Trustee; (d) a request to include certain declaratory relief in the proposed Order regarding the TSXV Exemption (as defined and discussed below); (e) a summary of Feronia’s actual receipts and disbursements for the period August 15, 2020 to September 18, 2020, compared to the cash flow forecast appended to the First Report of the Proposal Trustee, dated August 14, 2020 (the “First Report”); (f) Feronia’s updated cash flow forecast for the period September 19 to November 27, 2020; (g) the Proposal Trustee’s activities since the issuance of the First Report; and (h) the fees and disbursements of the Proposal Trustee and its legal counsel, as described in the Second Report
Court officer report · 29 September 2020
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing10 verified
- cash on handnote: Ending bank balance of the Trust Account held by Ernst & Young Inc. (stated in thousands: 183); Appendix B notes the amounts represent the Trust Account balance. Projection notes state the Company itself does not have any funds on hand. · as at: 2020-09-18 · amount: 183000 · currency: CAD
- disbursementsnote: No disbursements in the period August 15 to September 18, 2020 (forecast was 23 thousand for restructuring costs; difference due to timing of invoicing and payment of professional fees). This is a period figure, not cumulative since filing. · since: August 15, 2020 · amount: 0 · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Alex Morrison; Mike Bell; Allen Yao; Fiona Mak; Marcos Souza; Cam Bear; Donna Hatful; Franca Mazzulla; Marites Carandang; Robert Ferguson · money: fees: quote: 117,419.00 $ · amount: 117419 · approximate: false · period: end: 2020-09-18 · kind: cumulative · quote: Summary of Proposal Trustee billings July 23, 2020 to September 18, 2020 · start: 2020-07-23 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ') · hours total: quote: 207.4 · value: 207.4 · context quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee '); form: invoice_listing · rows: · money: tax: label: HST @ 13% · quote: HST @ 13% | 2,582.19 · amount: 2582.19 · fees: quote: Subtotal | $ | 19,863.00 · amount: 19863 · total: quote: Total | Invoice $ | 22,445.19 · amount: 22445.19 · includes tax: true · approximate: false · period: end: 2020-07-24 · kind: invoice · quote: Summary of Professional Fees to July 24, 2020 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ') · hours total: quote: 40.7 | | 19,863.00 $ · value: 40.7 · context quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee '); form: invoice_listing · rows: · money: tax: label: HST @ 13% · quote: Subtotal HST @ 13% | 13,055.00 $ 1,697.15 · amount: 1697.15 · fees: quote: Subtotal HST @ 13% | 13,055.00 $ 1,697.15 · amount: 13055 · total: quote: Invoice 14,752.15 $ · amount: 14752.15 · includes tax: true · approximate: false · period: end: 2020-07-31 · kind: invoice · quote: Summary of Professional Fees to July 31, 2020 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ') · hours total: quote: 27.9 | | 13,055.00 $ · value: 27.9 · context quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee '); form: invoice_listing · rows: · money: tax: label: HST @ 13% · quote: Subtotal HST @ 13% | 18,793.50 $ 2,443.16 · amount: 2443.16 · fees: quote: Subtotal HST @ 13% | 18,793.50 $ 2,443.16 · amount: 18793.5 · total: quote: Invoice 21,236.66 $ · amount: 21236.66 · includes tax: true · approximate: false · period: end: 2020-08-07 · kind: invoice · quote: Summary of Professional Fees to August 7, 2020 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ') · hours total: quote: 34.6 | | 18,793.50 $ · value: 34.6 · context quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee '); form: invoice_listing · rows: · money: tax: label: HST @ 13% · quote: Subtotal HST @ 13% | $ | 26,929.00 3,500.77 · amount: 3500.77 · fees: quote: Subtotal HST @ 13% | $ | 26,929.00 3,500.77 · amount: 26929 · total: quote: Total Invoice $ | 30,429.77 · amount: 30429.77 · includes tax: true · approximate: false · period: end: 2020-08-14 · kind: invoice · quote: Summary of Professional Fees to August 14, 2020 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ') · hours total: quote: 47.0 | | 26,929.00 $ · value: 47 · context quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee '); form: invoice_listing · rows: · money: tax: label: HST @ 13% · quote: HST @ 13% | 1,030.77 · amount: 1030.77 · fees: quote: Subtotal | $ | 7,929.00 · amount: 7929 · total: quote: Total | Invoice $ | 8,959.77 · amount: 8959.77 · includes tax: true · approximate: false · period: end: 2020-08-21 · kind: invoice · quote: Summary of Professional Fees to August 21, 2020 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ') · hours total: quote: 12.7 | | 7,929.00 $ · value: 12.7 · context quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee '); form: invoice_listing · rows: · money: tax: label: HST @ 13% · quote: HST @ 13% | 3,259.75 · amount: 3259.75 · fees: quote: Subtotal | $ | 25,075.00 · amount: 25075 · total: quote: Total | Invoice $ | 28,334.75 · amount: 28334.75 · includes tax: true · approximate: false · period: end: 2020-09-04 · kind: invoice · quote: Summary of Professional Fees to September 4, 2020 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ') · hours total: quote: 40.6 | | 25,075.00 $ · value: 40.6 · context quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee '); form: invoice_listing · rows: · money: tax: label: HST @ 13% · quote: Subtotal | $ | 3,733.00 485.29 · amount: 485.29 · fees: quote: Subtotal | $ | 3,733.00 485.29 · amount: 3733 · total: quote: HST @ 13% | Invoice $ | 4,218.29 · amount: 4218.29 · includes tax: true · approximate: false · period: end: 2020-09-18 · kind: invoice · quote: Summary of Professional Fees to September 18, 2020 · approval: state: unstated · averages: · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ') · hours total: quote: 6.1 | | 3,733.00 $ · value: 6.1 · context quote: Ernst & Young Inc. was appointed as proposal trustee (the ' Proposal Trustee ')
- operational summaryFeronia is a holding company with no active operations outside PHC's palm oil plantations and no employees; it is working to close the sale of its PHC shares to the Purchaser and has begun the delisting process, with no intention to continue as a going concern after closing.
- professional feesnote: Fees exclude HST of $15,264.47 (total $132,683.47). Proposal Trustee's portion only; EY Corporate Finance fees removed. Separately, counsel Dentons incurred $39,556.57 (inclusive of taxes and disbursements) for August 24 to September 3, 2020. · party: Proposal Trustee (Ernst & Young Inc.) · amount: 117419 · period: July 23, 2020 to September 18, 2020 · currency: CAD
- purchaserFeronia KNM
- receipts cumulativenote: Total receipts for the period August 15 to September 18, 2020 (stated in thousands: 107), consisting of miscellaneous receipts (HST refunds relating to the pre-filing period). This is a period figure; cumulative since NOI filing is not stated. · since: August 15, 2020 · amount: 107000 · currency: CAD
- report date29 September 2020
- report noSecond Report of the Proposal Trustee
- sale outcometext: Sale Transaction approved but not yet closed; parties working to complete it, requiring extension of Purchase Agreement timeframe and stay period · scope: whole_business · status: pending_approval