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Name | Symbol | Market | Type |
---|---|---|---|
OneSpaWorld Holdings Ltd (PK) | USOTC:OSWWF | OTCMarkets | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.62 | 0.31 | 2.97 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF
THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐
Check the appropriate box:
☐ | Preliminary Proxy Statement | |
☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
☐ | Definitive Proxy Statement | |
☒ | Definitive Additional Materials | |
☐ | Soliciting Material under §240.14a-12 |
OneSpaWorld Holdings Limited
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if other Than the Registrant)
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ISS Recommends OneSpaWorld Shareholders Vote FOR Proposed Equity Financing
OneSpaWorld Urges All Shareholders to Vote FOR Vital $75 Million Equity Financing at June 10 Annual Meeting
Company Reiterates Going Concern Risk If Equity Financing Is Not Approved
Nassau, Bahamas June 1, 2020 OneSpaWorld Holdings Limited (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, today commented on a report by Institutional Shareholder Services Inc. (ISS), the leading independent proxy advisory firm, recommending that OSW shareholders vote FOR the previously announced $75 million equity financing at the Companys Annual Meeting of Shareholders on June 10.
We are pleased ISS recognizes that OSWs equity financing is in the best interests of shareholders and is necessary to the Companys ability to continue as a going concern, said Leonard Fluxman, Executive Chairman. This financing is required for OSW to fund its operations while its business is impaired due to the COVID-19 pandemic and to remain in compliance with our debt covenant as of June 30, 2020. We urge OSW shareholders to follow this independent recommendation and vote today in favor of Proposals 3 and 4, which also will enable us to quickly restart operations when our cruise line partners resume sailing, facilitate innovation in our service and product offerings and wellness experiences, and position us for long-term operation and growth.
ISS notes in its report regarding the equity financing that: there is a risk that other financing alternatives may not be readily available at this point, given limited time for due diligence or registering shares for a public issuance, existing lenders purported inflexibility, and the ongoing risk of OSWs business environment. In consideration of the potential for continued losses in an uncertain environment, and in the absence of a prompt and superior alternative, cautionary support for this item is warranted at this time.1
On April 30, 2020, OSW entered into a definitive agreement with Steiner Leisure Limited and its affiliates and other investors under which they will invest $75 million in common equity and warrants. The equity financing, which was unanimously approved by a Special Committee of the OSW Board of Directors, is subject to shareholder approval of the private placement proposals (Proposals 3 and 4).
The Special Committees reasons for recommending that shareholders approve the equity financing and the proposals to be voted on at the Annual Meeting are set forth in OSWs definitive proxy statement filed with the SEC on May 22, 2020. OSW has also sent a letter to shareholders and issued an investor presentation explaining why shareholders should approve the equity financing, both of which were filed with the SEC and are available in the Investor Relations section of OneSpaWorlds website at https://onespaworld.com/investor-relations/.
THE OSW BOARD OF DIRECTORS URGES ALL SHAREHOLDERS TO VOTE FOR
THE PRIVATE PLACEMENT PROPOSALS TO PROTECT THEIR INVESTMENT
OSW shareholders are strongly urged to vote FOR the private placement proposals (Proposals 3 and 4) today by following the instructions on their proxy card. OSW shareholders may vote by mail or online.
1 |
Permission to use quotation neither sought nor obtained from ISS. |
509 Madison Avenue
Suite 1206
New York, NY 10022
Stockholders Call Toll Free: (800) 662-5200
E-mail: OSW.info@investor.morrowsodali.com
About OneSpaWorld
Headquartered in Nassau, Bahamas, OneSpaWorld is one of the largest health and wellness services companies in the world. OneSpaWorlds distinguished spas offer guests a comprehensive suite of premium health, wellness, fitness and beauty services, treatments, and products currently onboard 175 cruise ships and at 68 destination resorts around the world. OneSpaWorld holds the leading market position within the fast-growing international leisure market and has been built upon its exceptional service standards, expansive global recruitment, training and logistics platforms, and history of service and product innovation that has enhanced its guests personal care experiences while vacationing for more than 50 years.
Forward-Looking Statements
This letter includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may differ from OSWs actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as expect, estimate, project, budget, forecast, anticipate, intend, plan, may, will, could, should, believes, predicts, potential, continue, or the negative or other variations thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to the impact of the private placement on OSWs liquidity, OSWs need to seek additional financing, OSWs compliance with its credit agreements, OSWs ability to obtain alternative sources of financing, and other statements that are not historical facts. These statements are based on the current expectations of OSWs management and are not predictions of actual performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: the impact of the COVID-19 pandemic on OSWs business and its results of operations and liquidity for the foreseeable future; the demand for OSWs services together with the possibility that OSW may be adversely affected by other economic, business, and/or competitive factors or changes in the business environment in which OSW operates; changes in consumer preferences or the market for OSWs services; changes in applicable laws or regulations; the availability of, or competition for, opportunities for expansion of OSWs business; difficulties of managing growth profitably; the loss of one or more members of OSWs management team; loss of a major customer and other risks and uncertainties included from time to time in OSWs reports (including all amendments to those reports) filed with the SEC. OSW cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OSW does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing OSWs assessments as of any date subsequent to the date of this communication.
Contacts
Investors:
Morrow Sodali, (800) 662-5200
OSW.info@investor.morrowsodali.com
ICR
Allison Malkin, 203-682-8225
allison.malkin@icrinc.com
Media:
Sard Verbinnen & Co.
George Sard/Jim Barron/Brooke Gordon
OneSpaWorld-SVC@sardverb.com
Follow OneSpaWorld:
Instagram: @onespaworld
Twitter: @onespaworld
LinkedIn: OneSpaWorld
Facebook: @onespaworld
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