Effective December 31, 2019, Iplayco Corporation Limited (TSXV: IPC) completed a statutory plan of arrangement pursuant to section 193 of the Business Corporations Act (Alberta), involving Iplayco, its shareholders and TSL888 Investments, Inc. ("TSL").
Pursuant to the arrangement, TSL acquired all of the issued and outstanding common shares of Iplayco in an all-cash transaction valued at $5.1 million, and Iplayco has become a wholly-owned subsidiary of TSL. The Iplayco shares were subsequently delisted from the TSX Venture Exchange and Iplayco applied to cease to be a reporting issuer under applicable Canadian securities laws.
Iplayco is a leading manufacturer of premium-quality, fun, safe and durable indoor playgrounds for children. In its 20-year history, Iplayco has supplied playgrounds to over 60 countries worldwide.
TSL is affiliated with LTS Pinnacle Holdings, Inc., a family owned retail and real estate conglomerate based in the Philippines.
Gowling WLG was counsel to Iplayco with respect to this transaction with a team that included Cyndi Laval, Frank Sur, Tara Amiri, Jill Dunn and Sarah Baddeley (corporate/M&A), Ram Sankaran (litigation) and Anita Yuk (tax).