The proposed material terms of the transaction are contained in the LOI however, the definitive agreements have not been finalized, and these agreements will be subject to obtaining the necessary approvals and consents. The initial ownership of the Alliance partnership units is expected to be approximately 72% held directly or indirectly by Alcanna and 28% held by Ace. The LOI provides that Tank Vander, CEO of Ace, will become CEO of the Alliance and Donald Bobey, currently Vice President, Merchandising at Alcanna will become President and COO. The Alliance is anticipated to also acquire 50 retail stores from a subsidiary of Alcanna and which we anticipate the majority of which will be converted to the “Ace Liquor Discounter” brand. The proposed partnership – Canadian Liquor Retailers Alliance (“the Alliance”) – is anticipated to include all of Ace’s current 12 locations and 3 additional locations under construction.
Alcanna and Ace expect to enter into definitive agreements with the transaction closing in early 2019 subject to customary closing conditions, including receipt of all necessary third party and regulatory consents and approvals.
(the “Company” or “Alcanna”) (TSX: CLIQ) today announced its intention to establish a new discount liquor partnership and open new Wine and Beyond locations and has launched home delivery in the greater Vancouver area.Īlcanna has entered into a non-binding letter of intent (“LOI”) with a discount liquor store operator in Alberta, Ace Liquor Corporation (“Ace”), to form a new partnership in the discount liquor store business.
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