Item 1.01. Entry into a Material Definitive Agreement.
In connection with the transactions contemplated by the Transaction Agreement
and in order to pay for a portion of the Consideration,
Item 1.02. Termination of a Material Definitive Agreement.
At the effective time of the Scheme of Arrangement (the "Effective Time"), the
credit agreement, dated as of
The information contained in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 1.02.
Item 2.01. Completion of Acquisition or Disposition of Assets.
At the Effective Time, all Company ordinary shares (other than the Rollover
Company Shares as described below) then outstanding were transferred from the
Company shareholders to Buyer in accordance with the terms of the Scheme of
Arrangement and the Transaction Agreement, and the Company shareholders became
entitled to receive, in exchange for each ordinary share of the Company,
At the Effective Time, or promptly thereafter on the day of the occurrence of the Effective Time, the Company's Register of Members was updated in accordance with the terms of the Scheme of Arrangement to reflect the transfer of the Company ordinary shares under the Scheme of Arrangement to Buyer.
Pursuant to the Transaction Agreement, immediately prior to the Effective Time, by virtue of the Transaction and without any action on the part of the holders thereof, each vested Company share option was canceled and extinguished and automatically converted into the right to receive from Buyer an amount in cash equal to the product obtained by multiplying (i) the excess, if any, of the Per Share Consideration over the per share exercise price of such vested company share option, by (ii) the aggregate number of Company ordinary shares that were issuable upon exercise of such vested Company share option immediately prior to the Effective Time. Each vested Company share option that was outstanding immediately prior to the Effective Time that had a per-share exercise price that was equal to or greater than the Per Share Consideration was automatically canceled as of the Effective Time for no consideration.
Additionally, pursuant to the Transaction Agreement, immediately prior to the Effective Time, by virtue of the Transaction and without any action on the part of the holders thereof, each outstanding vested Company RSU award was canceled and automatically converted into the right to receive from Buyer an amount in cash equal to the product obtained by multiplying (i) the aggregate number of Company ordinary shares subject to such vested Company RSU award by (ii) the Per Share Consideration.
In addition, pursuant to the Transaction Agreement, immediately prior to the Effective Time, each Company share option and each Company RSU award (or portion thereof) that was outstanding as of immediately prior to the Effective Time and was not vested was, as of the closing, converted into and substituted with a cash award pursuant to the terms of the applicable Company share plan. Such cash award will remain subject to the same time-vesting terms and conditions that applied to the substituted Company share option or Company RSU award, as applicable, as in effect immediately prior to the Effective Time, including the requirement of continued service with Buyer or its affiliates through the applicable vesting date, and the applicable cash amounts shall be paid out, without interest and
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less any applicable tax withholdings, on the next payroll date following the applicable vesting dates, as long as the applicable portion of the cash award became or becomes vested prior to the applicable holder's termination of service with Buyer and its affiliates.
Pursuant to the Transaction Agreement, each of the following Company share . . .
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
Prior to the Effective Time, the Company ordinary shares were listed and traded
on the Nasdaq Global Select Market ("NASDAQ") under the trading symbol "MIME."
On
The information set forth in Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.01.
Item 3.03. Material Modification to Rights of Security Holders.
At the Effective Time, each outstanding Company ordinary share (other than the
Rollover Company Shares) was exchanged for the right to receive
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The information set forth in Items 2.01, 3.01, 5.01 and 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.
Item 5.01. Changes in Control of Registrant.
At the Effective Time, a change in control of
The information set forth in the Introductory Note and Items 2.01, 3.01, 3.03 and 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
The information set forth in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
On
The information set forth in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.03.
Item 8.01. Other Events.
On
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: Exhibit No. Description 2.1 Transaction Agreement, datedDecember 7, 2021 , by and betweenMimecast Limited andMagnesium Bidco Limited (incorporated by reference to Exhibit 2.1 toMimecast's Form 8-K filed onDecember 7, 2021 ) 3.1 Special Resolution of the Members of the Company Adopting the New Memorandum and Articles of Association 99.1 Press Release titled "Permira Completes Acquisition ofMimecast " datedMay 19, 2022 104 Cover Page Interactive Data File (formatted as inline XBRL)
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