Spara Acquisition One Corp announces termination of proposed qualifying transaction
September 18 2012 - 4:33AM
PR Newswire (Canada)
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") 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. Spara Acquisition One
Corp. CONTACT: Shane McLeanCorporate SecretarySpara Acquisition One
Corp.(613) 599-9600 ex 262
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