19th Mar 2020 14:46
(Alliance News) -Â Boston International Holdings PLC on Thursday said it has signed a heads of terms with takeover target Alexanders Discount Ltd.
Alexanders is an invoice factoring company based in southeast England.
Completion of the deal is dependent, amongst other things, on due diligence, agreement on the composition of the new board of Boston and completion of a placing in order to provide additional working capital.
"The directors are pleased that the intended acquisition will represent an investment in a similar sector to the one contemplated at the time of the BIH's original IPO in October 2016," the company said.
The acquisition, if it proceeds, will constitute a reverse takeover under listing rules. Accordingly, Boston has requested its shares be suspended pending the publication of a prospectus and the application by the enlarged group to list on the Main Market.
Boston said it will provide a further update on the intended acquisition in due course.
By Lucy Heming;Â [email protected]
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