LOS ANGELES, March 19, 2018 (GLOBE NEWSWIRE) -- Oaktree Capital Management, L.P. ("Oaktree") announced today that, in connection with an internal downstream reorganization of Oaktree's holdings of Neo Performance Materials Inc. ("Neo") carried out in the ordinary course of Oaktree's business operations that resulted in no net change to the number of common shares of Neo ("Shares") held by Oaktree, OCM Neo Holdings (Cayman), L.P. ("OCM"), an affiliate of certain funds and accounts managed by Oaktree, entered into an agreement with OPPS NPM S.à r.l ("Sarl"), also an affiliate of certain funds and accounts managed by Oaktree, whereby OCM disposed of and Sarl acquired (the "Transaction") beneficial ownership of 25,781,100 Shares (the "Subject Shares").
Prior to the Transaction, OCM together with OPPS NPM II SARL ("OPPS"), an entity managed by an affiliate of OCM and Oaktree, held an aggregate of 26,216,655 Shares (including the Subject Shares and Shares held by OPPS (the "OPPS Shares")), representing approximately 65.7% of the issued and outstanding Shares. Pursuant to the Transaction, OCM disposed of and Sarl acquired beneficial ownership of the Subject Shares, representing approximately 64.6% of the issued and outstanding Shares. As a result of the Transaction, OCM no longer holds Shares and Sarl holds the Subject Shares, representing approximately 64.6% of the issued and outstanding Shares. Sarl did not beneficially own any Shares prior to the completion of the Transaction. There was no change to the number of OPPS Shares as a result of the Transaction.
Immediately following the Transaction, there was no net change to Oaktree's ownership or control of Shares (including the Subject Shares and OPPS Shares). Oaktree continued to hold 26,216,655 Shares (including the Subject Shares and OPPS Shares), representing approximately 65.7% of the issued and outstanding Shares.
The Transaction constituted an internal downstream reorganization of Oaktree's holdings of Neo and involved no consideration paid or received by Oaktree in connection with the Transaction.
Oaktree intends to hold its Shares for investment purposes. Oaktree may from time to time, depending on market and other conditions, acquire additional Shares or dispose of Shares through market transactions, private agreement or otherwise.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers. An early warning report with additional information in respect of the foregoing matters will be filed and made available on the System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Neo's issuer profile. A copy of such report may also be obtained by contacting Anna Matanovic of Fogler, Rubinoff LLP, on behalf of Oaktree, at telephone number (416) 864-9700.