15 November 2017
SIMIAN GLOBAL PLC
("Simian" or the "Company")
Update on Acquisition and Suspension of Listing
In February 2017 we announced that we had signed a non-binding letter of intent ("LOI") to acquire the entire issued share capital of GVC Holdings Limited, a limited liability company in the media and advertising business incorporated in the British Virgin Islands (the "Potential Target"), for new shares in the Company (the "Acquisition").
We are pleased to announce that due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules and, as required, the Takeover Code, are progressing well and the Directors remain positive about the transaction.
As a result we have extended the exclusivity period with the Potential Target to 31 March 2018 but we hope that the publication of a prospectus and the application for the enlarged Company to have its Ordinary Shares admitted to the Official List and to trading on the main market for listed securities of the London Stock Exchange will have occurred before then.
In addition to the £200,000 paid to the Potential Target under a Deposit Agreement dated 17 February 2017 to be repaid on completion of the transaction or, if earlier upon either party withdrawing from the Transaction, your Board have resolved to lend the Potential Target a further £50,000 at a rate of 15% per annum, repayable on 31 March 2018, the date of the cessation of the exclusivity period.
The Company will update shareholders further as the matter progresses.
For more information:
|Simian Global Plc||www.simianglobal.com|
|Edward Kwan-Mang Ng, Director||Tel: +44 (0) 20 7866 2145|
|Alfred Henry Corporate Finance Ltd|
|Jon Isaacs||Tel: +44 (0) 20 7309 2242|