IN BRIEF: Rockpool's European Lingerie acquisition hopes dealt a blow
Rockpool Acquisitions PLC - Belfast-based special purpose acquisition company - Reports a delay in the planned acquisition of its takeover target, European Lingerie Group. ELG was in talks with an investor regarding the investment of an amount sufficient to allow for the refinancing of its existing debt facilities and to eliminate its shortfall in working capital. This would have put ELG in a position to meet its obligations to make payments to Rockpool by way of contribution to costs incurred by it in relation to the proposed acquisition. But Rockpool says these talks have ended due to the amount of the potential funding being too low for the investor's criteria. ELG continues to pursue discussions with alternative funders and is seeking new potential sources as well. Rockpool says: "This development will cause further delay in recommencing the work towards the acquisition of ELG and preparations for readmission to the market following the completion of that transaction. It will also delay and may jeopardise the ability of Rockpool to recover the sums owed to it by ELG. If Rockpool does not recover the sums owed to it by ELG, its medium-term financial viability will be adversely impacted." Read More