BUY OUT OFFER REJECTED
Ezra Levine is the CEO of Collectable
We are writing to update you on the results of the 48-hour shareholder survey following the buyout offer on our LeBron James, Carmelo Anthony ’04 Exquisite Dual Logoman BGS 9 #’d 1/1.
As you know, Collectable received an offer to acquire LeBron James, Carmelo Anthony ’04 Exquisite Dual Logoman BGS 9 #’d 1/1 for $600,000. The asset was offered on Collectable for $1,070,000 ($10/share). The asset has been trading on Collectable’s secondary market and last closed at $222,000 ($2.00/share), down 80% since IPO.
Inclusive of Collectable’s equity interests in the offering and broker-dealer transaction fees, Collectable would return approximately $5.11 net price per share following a positive survey of shareholders and decision by the Manager. This represents a -48.9% net return over the IPO price and a 155.5% net premium over last traded price on Collectable’s secondary market.
On a share weighted basis, 73% chose to REJECT the buyout offer. As a result, the Manager has declined the buyout offer. The asset will continue to trade on Collectable’s secondary market.
All the best,