BUY OUT OFFER ACCEPTED
Ezra Levine is the CEO of Collectable
Dear Investor,
We are writing to update you on the results of the 48-hour shareholder survey following the buyout offer on our George Mikan ’48 Bowman RC Original Photo.
As you know, Collectable received an offer to acquire George Mikan ’48 Bowman RC Original Photo (MIKAN) for $82,500. The asset was offered on Collectable in June 2021 for $54,000 ($10/share). The asset has been trading on Collectable’s secondary market and last closed at $58,860 ($10.90/share), up 9% since IPO.
Inclusive of Collectable’s equity interests in the offering and broker-dealer transaction fees, Collectable would return approximately $14.30 net price per share following a positive survey of shareholders and decision by the Manager. This represents a 43% net return over the IPO price and an 31.19% net premium over last traded price on Collectable’s secondary market.
On a share weighted basis, 96% decided to ACCEPT the buyout offer. As a result, we passed the acquisition offer to our advisory committee for review, which also voted to accept the offer. Their vote was guided primarily by shareholder sentiment and the belief this offer represents a reasonable exchange at today’s valuations.
With support from both a majority of the shareholders and advisory committee, Collectable has agreed to accept the buyer’s offer for the underlying asset for $82,500.
The asset will be retired from Collectable and all investors of record will receive a cash payout of $14.30/share to their Collectable wallet. Please allow up to 14 business days to receive your funds.
All the best,
Ezra Levine
CEO, Collectable
