Garnero Group Intends To Adjourn Shareholders' EGM For A Third Time To July 19

Garnero Group Acquisition Company GGAC disclosed Friday that it plans to adjourn the extraordinary general meeting of its shareholders scheduled for 10:00 a.m., eastern time, on June 22, without conducting any business, and to reconvene the same on July 19.

According to Garnero Group, this would be the third adjournment of the EGM, which was originally scheduled for April 25, and was previously adjourned until May 23, 2016 and then until June 22, 2016.

The objective of the EGM is to consider the proposed business combination with Q1 Comercial de Roupas S.A., a leading apparel retailer in Brazil, and certain related proposals. The company said that it determined that an additional adjournment of the EGM was necessary to offer an additional time for GC to finalize the previously disclosed financial restructuring and for GGAC to deliver additional information regarding the transaction to its shareholders.

The company indicated that if the extension is not approved, GGAC would automatically wind up, dissolve and liquidate starting by June 25, and accordingly the business combination would be terminated.