IN BRIEF: Sivota to acquire controlling stake in "leading" platform
Sivota PLC - investor in later-stage Israeli technology firms - Enters into non-binding term sheet to acquire a controlling interest in "a leading online technology platform operating across the travel sector". Intends to raise approximately GBP250,000 through share placing, to provide investee with a convertible loan to fund its short-term working capital requirements. Loan if converted will result in Sivota holding around 10.2% of the company's voting rights. Sivota also has ability to acquire up to around 51% of the target for USD15.0 million. If Sivota proceeds, this "would likely constitute" a reverse takeover based on the investee's size of operations. Sivota says the initial investment will be value-enhancing for shareholders. It aims to assist the target in accelerating its go-to-market strategy, thereby "significantly enhancing value" for both companies' stakeholders in the medium term. Read More