Daily Archives: January 25, 2020

WillScot Announces Redemption of Certain Warrants

BALTIMORE, Jan. 24, 2020 (GLOBE NEWSWIRE) — WillScot Corporation (“WillScot” or the “Company”) (Nasdaq: WSC), the specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced that the Company will redeem all of its outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated September 10, 2015, by and between the Company’s legal predecessor company Double Eagle Acquisition Corp. (“Double Eagle”) and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agreement”), as part of the units sold in Double Eagle’s initial public offering (“IPO”) for a redemption price of $0.01 per Public Warrant (the “Redemption Price”), that remain outstanding at 5:00 p.m. New York City time on February 24, 2020 (the “Redemption Date”). Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO and still held by the initial holders thereof or their permitted transferees are not subject to this redemption. The warrants, each exercisable for one share of Common Stock at an exercise price of $15.50 per share, issued in connection with the Company’s acquisition of Modular Space Holdings, Inc. under a warrant agreement dated August 15, 2018, between Continental Stock Transfer & Trust Company, as warrant agent, and WillScot are also not subject to this redemption.

Under the terms of the Warrant Agreement, the Company is entitled to redeem all of the outstanding Public Warrants if the last sales price of the Common Stock is at least $18.00 per share on each of twenty trading days within any thirty-day trading period. This share price performance target was achieved as of January 21, 2020.

At the direction of the Company, Continental Stock Transfer & Trust Company, in its capacity as warrant agent, has delivered a notice of redemption to each of the registered holders of the outstanding Public Warrants.

In addition, in accordance with the Warrant Agreement, the Company’s board of directors has elected to require that, following delivery of the notice of redemption, all Public Warrants be exercised on a cashless basis. Accordingly, holders may no longer exercise Public Warrants in exchange for the payment in cash of the $5.75 per half share (or $11.50 per share) exercise price. Instead, a holder exercising a Public Warrant will be deemed to pay the $5.75 exercise price by the surrender of 0.3120 of a share of Common Stock (such fraction determined as described below) that such holder would have been entitled to receive upon a cash exercise of each Public Warrant. Accordingly, by virtue of the cashless exercise of the Public Warrants, exercising warrant holders will receive 0.1880 of a share of Common Stock for each Public Warrant surrendered for exercise.

Any Public Warrants that remain unexercised immediately after 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders of those Public Warrants will be entitled to receive only the Redemption Price.

The number of shares that each exercising warrant holder will receive by virtue of the cashless exercise (instead of paying the $5.75 per public warrant or $11.50 per share cash exercise price) was calculated in accordance with the terms of the Warrant Agreement and will be equal to the quotient obtained by dividing (x) the product of the number of shares underlying the public warrants held by such warrant holder, multiplied by the difference between $18.43, the average of the last sale price of the Common Stock over the ten (10) trading days ending on January 21, 2020, the third business day prior to the date of this notice (the “Fair Market Value”) and $11.50, by (y) the Fair Market Value. If any holder of Public Warrants would, after taking into account all of such holder’s Public Warrants exercised at one time, be entitled to receive a fractional interest in a share of the Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares.

The shares of Common Stock stock underlying the Public Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a registration statement filed with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-222210).

Questions concerning redemption and exercise of the Public Warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.

For a copy of the notice of redemption sent to the holders of our Public Warrants and a prospectus relating to the shares of common stock issuable upon exercise of the Public Warrants, please visit our investor relations website at investors.willscot.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Company securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “plans,” “intends,” “may,” “will,” “should,” “shall,” “outlook” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Although WillScot believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to acquire and integrate new assets and operations; our ability to achieve planned synergies related to acquisitions; our ability to manage growth and execute our business plan; our estimates of the size of the markets for our products; the rate and degree of market acceptance of our products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs adversely affecting our profitability (including cost increases resulting from tariffs); potential litigation involving our Company; general economic and market conditions impacting demand for our products and services; implementation of tax reform; our ability to implement and maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the SEC from time to time including our Form 10-K for the year ended December 31, 2018 and our Form 10-Q for the quarter ended September 30, 2019, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward-looking statement speaks only at the date which it is made, and WillScot disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About WillScot Corporation

Headquartered in Baltimore, Maryland, WillScot is the public holding company for the Williams Scotsman family of companies. WillScot trades on Nasdaq under the ticker symbol “WSC” and is the specialty rental services market leader providing innovative modular space and portable storage solutions across North America. WillScot is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, WillScot serves a broad customer base from over 120 locations throughout the U.S., Canada and Mexico, with a fleet of approximately 150,000 modular space and portable storage units.

Contact Information

Investor Inquiries:

Mark Barbalato
investors@willscot.com

Media Inquiries:

Scott Junk
scott.junk@willscot.com

Celebrating unity in diversity as Chinese New Year arrives

As an Indonesian, I am very proud of the fact that our community is essentially a melting pot of cultures and ethnic traditions

The town has been painted red, quite literally, symbolizing good fortune, luck, abundance, and joy to enliven the 2571 Chinese New Year celebrations in Indonesia’s capital city, Jakarta.

Every inch of the city appears to be adorned, with Chinese lion dancers performing in almost every corner, while shopping malls and recreation centers resound with the tunes of oriental songs repeatedly.

To Christine Aalce, owner and founder of the Indonesian artisan natural skincare business Semesta, Chinese New Year holds a special place in her life, as it gives her the opportunity to hold the same spirit and essence for the local Chinese community.

Growing up in Singapore, Chinese New Year was always this huge affair for everyone. The lanterns, the food, the crimson red decorations being exhibited in the shops and throughout the streets; Chinese New Year carried such a loud vibrancy, she told ANTARA.

Aalce, who currently resides and conducts her business in Jakarta, had created special merchandise to contribute to the festivities of the celebration. They are delicate, small-sized soaps molded into the shapes of moon cakes, the iconic sweet delicacies that can often be found all around the city during Chinese New Year.

Made of natural coconut, lavender, and vanilla essence, the soaps are wrapped in packaging also resembling that of the moon cake. To her, the product, marketed through online platform, holds more than mere business value.

As an Indonesian, I am very proud of the fact that our community is essentially a melting pot of cultures and ethnic traditions. Each creation in this special product is a celebration of that rich diversity that make up for who we are as people, she remarked.

Undeniably, the Lunar New Year celebrations have transcended traditional and religious values, to become a part of Jakarta’s culture and its citizens hailing from varying backgrounds. Since being recognized as a national holiday in Indonesia, one and all have begun participating in the celebrations.

I have been really touched by the reactions (to the CNY product). I have received requests from people, who weren’t necessarily celebrating the New Year themselves but had intentions of gifting their close friends or co-workers who were, she pointed out.

As part of the city’s culture, Aalce’s story depicts a small part of how Jakartans celebrate the festivities of Lunar New Year. Moon cakes, lanterns, and red envelopes are sold at most supermarkets and specialty shops. Some stores will offer special discounts on account of the New Year.

Families go out to bask in the festivities or stay at home and savor a downtime. With or without Chinese ethnicity running in their blood; everyone gets to take the day off.

Public spaces

Some shopping malls will also install extravagant decorations and bring in Chinese lion dance performances to further add to the festivities around the New Year.

In a bid to entertain its visitors, South Jakarta’s Pondok Indah Mall is one of the numerous shopping centers in Jakarta to bring Chinese lion dancers from the Kong Ha Hong group that have performed and won lion dance competitions on the international stage.

Ronald Sjarif, chairman of the Kong Ha Hong lion dance group, expressed optimism that all would enjoy the performance regardless of their backgrounds, as his group has always embraced such diversity within themselves.

Members of our group are from different backgrounds. We welcome anyone, who would like to train with us, and I never ask them what their racial, religious, or tribal backgrounds are, he remarked after one of his group’s performances.

As the lion character, enacted often by two people, who move with sheer agility on the poles being set up, the rest of the group play instruments to go along with the dance. Mall visitors, including young children, are left awestruck by the performance that does not come around every day.

After a few minutes of performing on the poles to the tune of oriental songs from instruments, the lion is joined by another one on the floor, and they both perform dances in accordance with other songs, although this time, the songs are more contemporary, such as the Asian Games theme song, as well as Baby Shark popular among children as well as songs from South Korean music groups.

The acculturation once again depicts the way that cultures have melted and merged in Jakarta, as one of the mall visitors, 35-year-old Selvia, said that she took her two children to the mall to witness the lion dance.

It is really great to see that the performance incorporated songs that are familiar to everyone. We thoroughly enjoyed the show with all the songs. We could feel the festivities, and the children also loved the performance, she noted.

Through the years, shopping malls have been known to go all out on festive activities for all the holidays, including the Chinese New Year. This year, however, the New Year spirit can also be seen down on the city’s streets.

The Jakarta provincial government had set up performances of another type of a Chinese dragon dance, known as the Liong, in the area of the Hotel Indonesia Roundabout (Bundaran HI). The performance is combined with shows of Gambang Kromong music that is unique to the Betawi tribe.

Head of Jakarta Government’s Education and Spiritual Mental Bureau, Hendra Hidayat, noted that the government supports the showcasing of Chinese cultures at several spaces in Jakarta, with the objective of reintroducing them to the public.

We would like to bring the celebration and spirit to the public. Usually, we could only find festivities and the spirit of Chinese New Year in temples, monasteries, as well as shopping malls, he noted, adding that the provincial government also encouraged one and all in the city to enliven the celebrations.

The spirit of Lunar New Year can be one of the manifestations of Indonesia’s national motto Bhinneka Tunggal Ika, or Unity in Diversity, as the city welcomes the year of 2571, the Year of the Rat.

Source: ANTARA News

Eight Denpasar-Wuhan flights stand canceled over nCov virus outbreak

After Beijing revokes (the lockdown), automatically, the flights will also be reopened to serve passengers

Badung, Bali (ANTARA) – Two Indonesian airlines — Lion Air and Sriwijaya Air — have canceled eight flights between Bali and the Chinese city of Wuhan in the wake of the novel Coronavirus (nCov) outbreak.

“The flights stand suspended from January 23 to February 2,” Communication and Legal Manager of PT Angkasa Pura I (Persero) Arie Ahsanurrohim stated in Mangupura here on Saturday.

The flights were suspended on the basis of a notice issued by the International Notam Office Beijing as a precautionary measure against the spread of the deadly virus originating from Wuhan.

The authority will update information on Beijing’s notification over the closure of transportation in the city, Ahsanurrohim stated.

China has imposed a travel lockdown on Wuhan, the city at the epicenter of the outbreak that has claimed 41 lives and infected over 1,300 worldwide, as global health authorities prepare against a pandemic.

Wuhan’s local government said it would shut down urban transport networks and suspend flights from 10 a.m. local time Thursday and urged residents to not leave, barring special circumstances.

“After Beijing revokes (the lockdown), automatically, the flights will also be reopened to serve passengers,” he stated.

Some 20 to 25 flights operate daily, from Bali to various cities in China, including three flights per week from the Ngurah Rai Airport in Bali to Wuhan.

The number of Chinese tourists visiting Bali has reached 3,300 per day.

“Hence, it has become our focus, as we do not want this issue to affect tourism in Bali while we have to simultaneously prevent spread of the corona virus in Bali,” Ahsanurrohim added.

Source: ANTARA News

Bumi Adipura housing complex, Bandung, submerged by flooding

Bandung, West Java (ANTARA) – Floods inundated the Bumi Adipura housing complex in Rancabolang, Gedebage Sub-district, Bandung City, West Java Province, according to the West Java Disaster Mitigation Office (BPBD).

Incessant torrential rains triggered flooding in Bumi Adipura, Budi Budiman Wahyu, an official of the West Java BPBD, noted here on Saturday.

At least 400 houses were swamped in the area, with floodwaters reaching 70-80 centimeters in height.

The local BPBD, in coordination with the Bandung city authorities, deployed a rubber boat to evacuate eight residents and several pets to safer ground at the Mistahul Janah Mosque.

Moreover, the Bandung City Fire and Disaster Management Office had deployed two Rescue Units, two command cars, and a rubber boat for the evacuation process.

Currently, the floodwaters inundating the housing complex have begun to subside, he stated.

Indonesia is currently experiencing rainy season after being hit by prolonged dry spell that triggered a water crisis.

Recently, floods affected Jakarta, Samarinda in East Kalimantan, Bogor and Bekasi in West Java, and Lebak in Banten.

Source: ANTARA News

Dendang Melayu Plain emerges as popular tourist destination in Batam

Batam, Riau Islands (ANTARA) – The Dendang Melayu plain, proffering views of the Raja Haji Fisabilillah Bridge, sea, and several islets, has turned out to be a popular tourist destination in Batam City, Riau Islands Province.

“Dendang Melayu is currently the most popular tourist destination. A vacation to Batam is incomplete if one does not visit there,” Ardiwinata, head of Batam’s Culture and Tourism Office, remarked here on Saturday.

The city government is building a viewing tower, estimated to be ready this year, and will be the idyllic location to take pictures, with scenic backdrops, he noted.

“Tourists can enjoy and take photographs of the Barelang Bridge and the scenery of the sea from the closest distance,” he remarked.

In addition to the viewing tower, Dendang Melayu is equipped with various facilities and infrastructure to facilitate tourists, including a show stage, souvenir shops, food stalls, as well as prayer rooms.

“The atmosphere is very lively, with an entertainment stage and culinary specialties on offer. It means the economy in Barelang Bridge has grown and improved,” he stated.

In the meantime, coordinator of the management of Dendang Melayu cultural attractions, Azir noted that tourists always thronged the place every day. On weekends, some 2,500 domestic and foreign tourists spent time in the plain.

“From Monday to Friday, 300 to 500 tourists visit per day, and they comprise both domestic and foreign travelers. Tourists come mostly from China, Singapore, Malaysia, and the Philippines,” he noted in a press release.

Every weekend, the manager organizes entertainment shows featuring Malay Band and Jogi Dance typical of Batam.

Source: ANTARA News