NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY
CODE ON TAKEOVERS AND MERGERS ("CODE")
TORONTO, Sept. 19, 2012 /CNW/ - Further to the
announcement by STE (Clean Recycling and Energy) plc ("STE") on
September 5, 2012, Spara Acquisition
One Corp. ("SAO") (TSXV: SAO.P) announces that it will not be
proceeding with an offer for STE. SAO has determined that
applicable closing conditions could not be satisfied and that this
could not be resolved through further negotiation among the
parties. However, for the purposes of Rule 2.8 of the Code
SAO reserves the right to make or participate in an offer for STE
(and/or take any other action which would otherwise be restricted
under Rule 2.8 of the Code) within the six months following the
date of this announcement in accordance with Note 2 on Rule
2.8.
As a result of the termination of the proposed
transaction, the proceeds of the subscription receipt offering
completed in May by SAO Special Finance Corp., a corporation
established for the purpose of facilitating a private placement in
connection with the transaction, will be returned to subscribers
pursuant to the terms of that offering.
SAO is a Capital Pool Company listed on the TSX
Venture Exchange (the "TSXV") with a continuing mandate to identify
and evaluate businesses or assets with a view to completing a
"Qualifying Transaction" under the Capital Pool Company program of
the TSXV as disclosed in SAO's prospectus dated September 28, 2011.
In accordance with Rule 30.4 of the Code, a copy
of this announcement will be made available on the following
website: www.sterecycle.com (failing which, www.dmhstallard.com),
by no later than 12 noon (London,
England time) on September 20,
2012.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Spara Acquisition One Corp.