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As Of Filer Filing For·On·As Docs:Size Issuer Agent 1/25/19 Nevada Gold & Casinos Inc DEFM14A 1/25/19 1:2.4M Toppan Vintage/FA |
Document/Exhibit Description Pages Size 1: DEFM14A Definitive Proxy Statement HTML 1.07M
tv508341-defm14a - none - 11.7651002s |
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APPENDIX A —
Agreement and Plan of Merger and Amendment No. 1 to Agreement and Plan of Merger
|
| | | | | | |
APPENDIX B — Securities Purchase Agreement | | | | | | | |
APPENDIX C — Escrow Agreement | | | | | | | |
APPENDIX D — Opinion of Rossoff & Company, LLC | | | | | | | |
Executive Officer
|
| |
Cash
($)(1) |
| |
Unvested
Equity (Single Trigger) ($)(2) |
| |
Vested
Equity (Single Trigger) ($)(3) |
| |
Perquisites/
Benefits ($)(4) |
| |
Total
($) |
| |||||||||||||||
| | | $ | 342,951 | | | | | $ | 30,000 | | | | | $ | 463,000 | | | | | $ | 17,472 | | | | | $ | 851,757 | | | |
James D. Meier
|
| | | $ | 259,294 | | | | | $ | 25,000 | | | | | $ | 127,000 | | | | | $ | 17,472 | | | | | $ | 427,100 | | |
Victor H. Mena
|
| | | $ | 259,294 | | | | | $ | 20,000 | | | | | $ | 124,250 | | | | | $ | 17,472 | | | | | $ | 419,350 | | |
Ernest E. East
|
| | | $ | 253,462 | | | | | $ | 20,000 | | | | | $ | 133,100 | | | | | $ | 17,472 | | | | | $ | 423,534 | | |
Executive Officer
|
| |
Unvested
Restricted Shares (Single Trigger) (#) |
| |
Unvested
Restricted Shares (Single Trigger) ($) |
| ||||||
| | | | 12,000 | | | | | $ | 30,000 | | | |
James D. Meier
|
| | | | 10,000 | | | | | $ | 25,000 | | |
Victor H. Mena
|
| | | | 8,000 | | | | | $ | 20,000 | | |
Ernest E. East
|
| | | | 8,000 | | | | | $ | 20,000 | | |
Executive Officer
|
| |
Vested
Options (Single Trigger) (#) |
| |
Vested
Options (Single Trigger) ($) |
| ||||||
| | | | 300,000 | | | | | $ | 463,000 | | | |
James D. Meier
|
| | | | 100,000 | | | | | $ | 127,000 | | |
Victor H. Mena
|
| | | | 95,000 | | | | | $ | 124,250 | | |
Ernest E. East
|
| | | | 100,000 | | | | | $ | 133,100 | | |
| | | | | | | | | | | | | | | | | | | | |
EBITDA
|
| |
EV/EBITDA
|
| ||||||||||||||||||||||||||||||
Company
|
| |
Stock
Price (7/31’18) |
| |
Market
Cap ($MM) |
| |
Enterprise
Value ($MM) |
| |
TTM
|
| |
FY2018
|
| |
FY2019
|
| |
TTM
|
| |
FY2018
|
| |
FY2019
|
| |||||||||||||||||||||||||||
Monarch Casino & Resorts, Inc.
|
| | | $ | 47.67 | | | | | $ | 852 | | | | | $ | 849 | | | | | $ | 56 | | | | | $ | 63 | | | | | $ | 80 | | | | | | 15.1x | | | | | | 13.4x | | | | | | 10.7x | | |
Full House Resorts, Inc.
|
| | | | 3.01 | | | | | | 81 | | | | | | 154 | | | | | | 14 | | | | | | 19 | | | | | | 22 | | | | | | 11.0x | | | | | | 8.1x | | | | | | 7.0x | | |
Century Casinos, Inc.
|
| | | | 8.15 | | | | | | 239 | | | | | | 235 | | | | | | 22 | | | | | | 30 | | | | | | 44 | | | | | | 10.5x | | | | | | 7.9x | | | | | | 5.4x | | |
Nevada Gold
|
| | | $ | 2.03 | | | | | $ | 34 | | | | | $ | 34 | | | | | $ | 5.7 | | | | | $ | 6.0 | | | | | $ | 6.5 | | | | | | 5.9x | | | | | | 5.5x | | | | | | 5.2x | | |
Benchmark
|
| |
High
|
| |
Low
|
| |
Median
|
| |||||||||
Enterprise Value/TTM EBITDA
|
| | | | 15.1x | | | | | | 10.5x | | | | | | 11.0x | | |
Enterprise Value/FY2018 EBITDA
|
| | | | 13.4x | | | | | | 7.9x | | | | | | 8.1x | | |
Enterprise Value/FY2019 EBITDA
|
| | | | 10.7x | | | | | | 5.4x | | | | | | 7.0x | | |
Benchmark
|
| |
Reference Range
|
| |
Implied Price Range
|
|
Enterprise Value/TTM EBITDA
|
| |
6.0x – 6.5x
|
| |
$2.08 – $2.24
|
|
Date Announced
|
| |
Acquirer
|
| |
Target
|
| |
Firm Value
|
| |
TTM
EBITDA |
| |
EV/
EBITDA |
|
March 2018 | | | Far East Consortium International | | | Trans World Corporation | | |
$49.4
|
| |
$5.0
|
| |
9.95x
|
|
March 2017 | | | Penn National Gaming | | | Bally’s Casino Tunica & Resorts Casino Tunica | | |
44.0
|
| |
11.9
|
| |
3.70x
|
|
October 2016 | | | Casino Queen | | | Lady Luck Casino Marquette | | |
40.0
|
| |
5.9
|
| |
6.78x
|
|
September 2015 | | | Full House Resorts, Inc. | | | Bronco Billy’s Casino & Hotel | | |
30.0
|
| |
5.1
|
| |
5.88x
|
|
Benchmark
|
| |
High
|
| |
Low
|
| |
Median
|
| |||||||||
Enterprise Value/TTM EBITDA
|
| | | | 9.95x | | | | | | 3.70x | | | | | | 6.33x | | |
Benchmark
|
| |
Reference Range
|
| |
Implied Price Range
|
|
Enterprise Value/Pro Forma EBITDA
|
| |
4.5x – 5.5x
|
| |
$1.98 – $2.44
|
|
Best Case
|
| ||||||||||||||||||||||||
FYE April; $ in thousands
|
| |
2019 F
|
| |
2020 F
|
| |
2021 F
|
| |
2022 F
|
| ||||||||||||
Washington Net Revenue
|
| | | $ | 58,149 | | | | | $ | 59,893 | | | | | $ | 61,690 | | | | | $ | 63,541 | | |
Washington Property EBITDA(1)
|
| | | | 6,720 | | | | | | 6,420 | | | | | | 5,960 | | | | | | 5,960 | | |
– Corporate Expenses(2)
|
| | | | (1,200) | | | | | | (1,236) | | | | | | (1,273) | | | | | | (1,311) | | |
Total EBITDA
|
| | | | 5,520 | | | | | | 5,184 | | | | | | 4,687 | | | | | | 4,649 | | |
Worst Case
|
| ||||||||||||||||||||||||
FYE April; $ in thousands
|
| |
2019 F
|
| |
2020 F
|
| |
2021 F
|
| |
2022 F
|
| ||||||||||||
Washington Net Revenue
|
| | | $ | 58,149 | | | | | $ | 59,893 | | | | | $ | 61,690 | | | | | $ | 63,541 | | |
Washington Property EBITDA(1)
|
| | | | 6,220 | | | | | | 5,420 | | | | | | 4,460 | | | | | | 4,460 | | |
– Corporate Expenses(2)
|
| | | | (1,200) | | | | | | (1,236) | | | | | | (1,273) | | | | | | (1,311) | | |
Total EBITDA
|
| | | | 5,020 | | | | | | 4,184 | | | | | | 3,187 | | | | | | 3,149 | | |
| | |
HIGH
|
| |
LOW
|
| ||||||
Fiscal Ended April 30, 2017 | | | | | | | | | | | | | |
First Quarter Ended July 31, 2016
|
| | | $ | 2.06 | | | | | $ | 1.80 | | |
Second Quarter Ended October 31, 2016
|
| | | $ | 2.13 | | | | | $ | 1.68 | | |
Third Quarter Ended January 31, 2017
|
| | | $ | 2.02 | | | | | $ | 1.64 | | |
Fourth Quarter Ended April 30, 2017
|
| | | $ | 2.23 | | | | | $ | 2.00 | | |
Fiscal Ended April 30, 2018 | | | | | | | | | | | | | |
First Quarter Ended July 31, 2017
|
| | | $ | 2.59 | | | | | $ | 2.08 | | |
Second Quarter Ended October 31, 2017
|
| | | $ | 2.52 | | | | | $ | 2.09 | | |
Third Quarter Ended January 31, 2018
|
| | | $ | 2.80 | | | | | $ | 2.13 | | |
Fourth Quarter Ended April 30, 2018
|
| | | $ | 2.76 | | | | | $ | 2.08 | | |
Fiscal Ended April 30, 2019 | | | | | | | | | | | | | |
First Quarter Ended July 31, 2018
|
| | | $ | 2.50 | | | | | $ | 1.87 | | |
Second Quarter Ended October 31, 2018
|
| | | $ | 2.57 | | | | | $ | 2.14 | | |
Third Quarter (through January 18, 2019)
|
| | | $ | 2.50 | | | | | $ | 2.32 | | |
| | |
Common Stock Beneficially Owned
|
| |||||||||
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares |
| |
Percentage of
Class |
| ||||||
5% Stockholders | | | | | | | | | | | | | |
| | | | 1,534,826(2) | | | | | | 8.6% | | | |
| | | | 1,504,389(3) | | | | | | 8.5% | | | |
| | | | 1,242,819(4) | | | | | | 7.0% | | | |
| | | | 1,194,256(5) | | | | | | 6.7% | | | |
| | | | 890,390(6) | | | | | | 5.0% | | | |
Executive Officers and Directors | | | | | | | | | | | | | |
Frank Catania
|
| | | | 84,004 | | | | | | * | | |
William G. Jayroe
|
| | | | 167,340(7) | | | | | | * | | |
Rudolph K. Kluiber
|
| | | | 10,087 | | | | | | * | | |
| | | | 868,296(8) | | | | | | 4.9% | | | |
Francis M. Ricci
|
| | | | 47,504(9) | | | | | | * | | |
William J. Sherlock
|
| | | | 141,004(10) | | | | | | * | | |
| | | | 333,000(11) | | | | | | 1.8% | | | |
James D. Meier
|
| | | | 115,000(12) | | | | | | * | | |
Victor H. Mena
|
| | | | 125,343(13) | | | | | | * | | |
Ernest E. East
|
| | | | 127,000(14) | | | | | | * | | |
All current directors and executive officers as a group (10 persons)
|
| | | | 2,018,578(15) | | | | | | 10.9% | | |
Company Filings:
|
| |
Periods:
|
|
Annual Report on Form 10-K | | | Fiscal Year ended April 30, 2018 | |
Quarterly Report on Form 10-Q | | | Fiscal Quarter ended July 31, 2018 | |
Current Reports on Form 8-K | | | Filed May 2, 2018, May 23, 2018, June 27, 2018, July 26, 2018, August 3, 2018, September 13, 2018, September 18, 2018, November 30, 2018, and January 7, 2019 | |
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Defined Term
|
| |
Section
|
|
Acquisition Proposal | | | Section 8.03(b)(ii) | |
Adverse Recommendation Change | | | Section 6.04(a) | |
Advisor | | | Section 4.26 | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | Section 6.04(d) | |
Alternative Commitment Letter | | | Section 6.15(c) | |
Alternative Financing | | | Section 6.15(c) | |
Anti-Corruption and Anti-Bribery Laws | | | Section 4.24(a) | |
Anti-Takeover Law | | | Section 4.28 | |
Articles of Merger | | | Section 2.03 | |
Bankruptcy and Equity Exception | | | Section 4.05(a) | |
Capitalization Date | | | Section 4.04(a) | |
Closing | | | Section 2.02 | |
Closing Date | | | Section 2.02 | |
Closing Statement | | | Section 3.07(a) | |
Company | | | Preamble | |
Company Board | | | Recitals | |
Company Board Recommendation | | | Section 4.05(b) | |
Company Employees | | | Section 6.05(a) | |
Company Financial Statements | | | Section 4.09(b) | |
Company Group | | | Section 9.11 | |
Company Licensed Parties | | | Section 4.08 | |
Company Management Principals | | | Section 4.08 | |
Defined Term
|
| |
Section
|
|
Company Preferred Shares | | | Section 4.04(a) | |
Company Securities | | | Section 6.01(b)(ii) | |
Company Share | | | Recitals | |
Company Share Certificates | | | Section 3.02(b) | |
Company Shares | | | Recitals | |
Company Stockholder Approval | | | Section 4.05(a) | |
Company Stockholders | | | Recitals | |
Company Stockholders’ Meeting | | | Section 6.02(b) | |
Confidentiality Agreement | | | Section 6.03(c) | |
Continuing Officer | | | Section 6.05(d) | |
Current Annual Capital Plan | | | Section 6.01(b)(xiii) | |
D&O Insurance | | | Section 6.06(c) | |
Debt Commitment Letter | | | Section 5.08 | |
Debt Financing | | | Section 5.08 | |
Deposit | | | Recitals | |
DOL | | | Section 4.13(a) | |
Drift On Inn | | | Section 4.13(a) | |
DTC | | | Section 3.02(b) | |
Effective Time | | | Section 2.03 | |
Environmental Permits | | | Section 4.17 | |
Equity Commitment Letter | | | Section 5.08 | |
Equity Financing | | | Section 5.08 | |
ERISA | | | Section 4.13(a) | |
ERISA Affiliate | | | Section 4.13(a) | |
Escrow Account | | | Recitals | |
Escrow Agent | | | Recitals | |
Escrow Agreement | | | Recitals | |
Expense Reimbursement | | | Section 8.03(b)(iii) | |
Financing | | | Section 5.08 | |
Financing Commitments | | | Section 5.08 | |
Indemnified Party | | | Section 6.06(a) | |
Indemnifying Parties | | | Section 6.06(b) | |
Indemnifying Party | | | Section 6.06(e) | |
IRS | | | Section 4.13(a) | |
Lender | | | Section 5.08 | |
Letter of Transmittal | | | Section 3.02(b) | |
Licensed Parties | | | Section 5.10 | |
Licensing Affiliates | | | Section 5.10 | |
Material Contracts | | | Section 4.18(a) | |
Maximum Amount | | | Section 6.06(c) | |
Merger | | | Recitals | |
Merger Consideration | | | Section 3.01(b) | |
Merger Shares | | | Section 3.01(b) | |
Defined Term
|
| |
Section
|
|
Merger Sub | | | Preamble | |
Nevada Takeover Statutes | | | Section 4.28 | |
Notice Period | | | Section 6.04(d) | |
NRS | | | Recitals | |
Old 99 Property Group | | | Section 4.13(a) | |
Outside Date | | | Section 8.01(b) | |
Parent | | | Preamble | |
Parties | | | Preamble | |
Paying Agent | | | Section 3.02(a) | |
Payment Fund | | | Section 3.02(a) | |
Payoff Amount | | | Section 6.17 | |
Payoff Letter | | | Section 6.17 | |
PBGC | | | Section 4.13(a) | |
Per Share Adjustment Amount | | | Section 3.07(d) | |
Permits | | | Section 4.07(b) | |
Plan | | | Section 4.13(a) | |
Proxy Statement | | | Section 4.25 | |
Surviving Corporation | | | Recitals | |
Termination Date | | | Section 8.01 | |
Uncertificated Company Shares | | | Section 3.02(b) | |
WARN | | | Section 4.14(c) | |
This ‘DEFM14A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/4/22 | ||||
4/30/19 | ||||
4/15/19 | ||||
2/28/19 | ||||
2/22/19 | ||||
2/1/19 | ||||
Filed on / Effective on: | 1/25/19 | |||
1/22/19 | ||||
1/18/19 | ||||
1/7/19 | 8-K, DEFA14A | |||
1/3/19 | ||||
12/31/18 | 8-K | |||
12/20/18 | ||||
12/13/18 | ||||
12/7/18 | ||||
12/6/18 | ||||
12/4/18 | ||||
12/3/18 | PREM14A, SC 13D, SC 13D/A | |||
11/30/18 | 8-K, DEFA14A | |||
11/29/18 | 8-K | |||
11/28/18 | ||||
10/31/18 | 10-Q | |||
10/30/18 | ||||
9/18/18 | 8-K | |||
9/17/18 | ||||
9/13/18 | 10-Q | |||
9/7/18 | ||||
9/6/18 | ||||
9/5/18 | ||||
8/30/18 | ||||
8/28/18 | ||||
8/23/18 | ||||
8/14/18 | ||||
8/7/18 | ||||
8/3/18 | 8-K | |||
7/31/18 | 10-Q | |||
7/26/18 | 10-K | |||
7/24/18 | ||||
7/23/18 | ||||
7/19/18 | ||||
7/15/18 | ||||
7/11/18 | ||||
6/30/18 | ||||
6/27/18 | 8-K | |||
6/26/18 | ||||
6/25/18 | ||||
6/20/18 | ||||
6/19/18 | ||||
6/13/18 | ||||
6/12/18 | ||||
6/10/18 | ||||
6/8/18 | ||||
6/6/18 | ||||
6/5/18 | ||||
5/31/18 | ||||
5/23/18 | 8-K | |||
5/22/18 | ||||
5/8/18 | ||||
5/3/18 | ||||
5/2/18 | 8-K | |||
5/1/18 | ||||
4/30/18 | 10-K | |||
4/16/18 | ||||
4/13/18 | ||||
4/8/18 | ||||
3/20/18 | ||||
3/12/18 | ||||
2/15/18 | ||||
2/14/18 | SC 13G/A | |||
2/13/18 | SC 13G | |||
2/12/18 | SC 13G/A | |||
2/9/18 | SC 13G/A | |||
1/31/18 | 10-Q | |||
12/27/17 | ||||
10/31/17 | 10-Q | |||
7/31/17 | 10-Q | |||
7/7/17 | 4 | |||
4/30/17 | 10-K | |||
4/6/17 | ||||
3/21/17 | 4 | |||
1/31/17 | 10-Q | |||
10/31/16 | 10-Q | |||
7/31/16 | 10-Q | |||
7/29/16 | 10-K, 4 | |||
7/7/16 | SC 13G | |||
4/30/16 | 10-K | |||
1/1/16 | ||||
11/30/15 | 8-K, 8-K/A | |||
4/30/15 | 10-K | |||
1/8/15 | ||||
1/1/15 | ||||
10/31/97 | ||||
List all Filings |