23rd Mar 2016 12:13
LONDON (Alliance News) - Opera Investments PLC on Wednesday said it made a loss in the period since its incorporation as it works towards completing a reverse takeover of SoloPower Systems Holdings Inc.
Opera said it made a GBP448,691 loss before and after tax from its incorporation in November 2014 to December 31, 2015.
Opera listed on the London Stock Exchange in April 2015 in order to make acquisitions of target companies in the natural resources sector, raising GBP1.2 million at the time of the float.
In July, the company reached heads of terms agreement private equity firm Hudson Clean Energy Partners to acquire US-headquartered SoloPower Systems, a company involved in flexible and lightweight high-performance solar materials.
On Wednesday, Opera said that it has amended the heads of agreement with Hudson to allow Hudson the ability to complete a financing of SoloPower without an exclusive requirement to effect the acquisition at the same time.
"In addition however, in the amended the heads of agreement with Hudson, the directors have agreed that if the period until May 15, 2016 it is agreed to effect a listing of SoloPower, that such a listing will take place on an exclusive basis with Opera on the same terms as set above. If an agreement to list SoloPower does not take place before May 15, 2016, the acquisition will abort," Opera said.
By Samuel Agini; [email protected]; @samuelagini
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