9th May 2016 06:56
LONDON (Alliance News) - Opera Investments PLC on Monday said its reverse takeover of SoloPower Systems Holdings Inc has been terminated and its shares will resume trading.
Opera struck a deal in July 2015 to acquire SoloPower, a US-based solar energy company, via a GBP220.0 million reverse takeover deal with Hudson Clean Energy Partners, a US private equity firm.
Opera said it has now received notification from Hudson that SoloPower will seek to fund itself without the need for a public offering or London listing, meaning the acquisition will be terminated.
"The directors are sincerely disappointed, especially after the time and effort expended, that the transaction will not proceed. The directors maintain that it would have been very much in the best interests of Opera's shareholders and have worked as hard as possible to complete the transaction," Opera said in a statement.
Shares in Opera, which had been suspended while the reverse takeover was negotiated, will resume trading Monday following the collapse of the agreement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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