12th Jan 2024 11:11
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.
Current stock price: 35.00 pence
12-month change: down 63%
By Emma Curzon, Alliance News reporter
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