27th Jan 2020 15:34
(Alliance News) - Cash shell Baskerville Capital PLC on Monday said it has requested for its shares to be suspended as it has entered into a a reverse takeover agreement.
Baskerville has entered into "non-legally binding heads of agreement" to acquire Oberon Investments Ltd.
Baskerville said: "The proposed acquisition is subject to legal, financial and other due diligence and entry into a legally binding agreement. As no binding agreement has been reached, the company cannot guarantee that the proposed acquisition will complete."
Baskerville also added that it acquired a 7.8% stake in Oberon, for GBP850,640 in cash. It has also committed to subscribing for a further GBP350,945 worth of Oberon shares.
Should the Oberon acquisition be completed, Baskerville will seek admission to the NEX Exchange Growth Market and apply for its shares to resume trading on the London Stock Exchange.
Baskerville Chair Rodger Sargent said: "Oberon has made tremendous progress in the last two years. We are delighted to become part of their success, with this initial investment and agreement to acquire Oberon.
"We will update as soon as possible with developments of the proposed acquisition and re-listing, which we aim to complete by early second quarter of 2020."
Baskerville shares last closed at 3.35 pence each in London.
By Eric Cunha; [email protected]
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