Eastbridge Investments PLC Heads of Terms Agreed and Suspension of Shares (3714L)
January 11 2016 - 2:00AM
UK Regulatory
TIDMEBIV
RNS Number : 3714L
Eastbridge Investments PLC
11 January 2016
Eastbridge Investments Plc
Heads of Terms for Reverse Acquisition
Suspension from Trading on AIM
11 January 2016
On 9 January 2015, Eastbridge Investments Plc ("Eastbridge" or
"Company") held a general meeting at which the disposal of the
Company's former business and adoption of a new investing policy
focussed on residential property development was approved by
shareholders. Subsequently, on 30 October 2015, the Company's
investing policy was changed in recognition of the increasing
difficulty of securing funding to make investments. The new policy
adopted by shareholders was to invest in asset backed debt
instruments and Eastbridge announced on 2 December 2015 that it
made its first investment of GBP500,000 in a 9.85% securitisation
note.
Under the AIM Rules for Companies, an investing company such as
Eastbridge is required to either have fulfilled its investing
policy or carried out a reverse acquisition within 12 months of the
date upon which it became an investing company. Given the limited
financial resources available to Eastbridge, the majority of which
have been invested, the Company is not considered to have fulfilled
its investing policy and it has not yet completed a reverse
acquisition
The directors of Eastbridge are pleased to announce that they
have agreed terms for the acquisition of Privilege Wealth Plc
("Privilege"). Privilege has developed market-leading proprietary
technology to provide and manage lines of credit and short term
loans and has built and continues to grow a substantial loan book
in the USA.
The acquisition of Privilege would constitute a reverse
transaction under the AIM Rules for Companies and would be subject
to approval by Eastbridge's shareholders in general meeting.
Further to the completion of Heads of Agreement on 8 January 2016,
negotiation and due diligence regarding the reverse acquisition of
Privilege are ongoing and the Company will make further
announcements in respect of this proposed transaction in due
course.
Accordingly, the Company's ordinary shares of no par value will
be suspended from trading on AIM with effect from today.
For further additional information please contact:
Eastbridge Investments Plc Tel: 07830 182501
Gregory Collier
---------------------------------- ------------------
Nominated Adviser Tel: 020 7382
Northland Capital Partners 1100
Limited
William Vandyk / Matthew Johnson
---------------------------------- ------------------
Sole Broker Tel: 020 7469
Peterhouse Corporate Finance 0930
Limited
Fungai Ndoro / Lucy Williams
---------------------------------- ------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
SRSLFFLILDIILIR
(END) Dow Jones Newswires
January 11, 2016 02:00 ET (07:00 GMT)
Eastbridge Inv (LSE:EBIV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eastbridge Inv (LSE:EBIV)
Historical Stock Chart
From Jul 2023 to Jul 2024