4th Mar 2020 11:37
(Alliance News) - Fandango Holdings PLC on Wednesday said that it has signed a non-binding agreement to acquire an undisclosed oil well services provider.
The acquisition constitutes a reverse takeover and therefore Fandango's shares remain suspended. Shares in the industrial and services-focused investment company have been suspended since 2018.
"The company is working on the preparation of a prospectus in relation to the acquisition and will, in due course, be making an application for the enlarged company to have its shares admitted to trading on the main market of the London Stock Exchange," Fandango said.
The investment company was set up with the "original primary objective of undertaking a single acquisition of a target company".
In 2019, Fandango signed a non-binding agreement to acquire Konnect, a fin-tech company. However, Fandango ceased discussions with Konnect following the failure to raise the required funding for the acquisition.
The company had also previously terminated acquisition discussions with Corporate Commercial Collections Ltd and Vatbridge Ltd.
By Ife Taiwo; [email protected]
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