30th Jun 2025 09:02
(Alliance News) - Pristine Capital PLC on Friday said it plans to move its London listing from the London Main Market to AIM, after signing heads of terms for a GBP20 million acquisition.
London-based Pristine is a cash shell focused on the real estate sector. It said the possible acquisition comprises three office properties 125 miles from London, expected to deliver an 8% dividend yield and what the company called "high quality tenants".
Pristine is planning to finance the takeover through a debt and equity mixture and will fundraise for the cash consideration by issuing new shares. The deal involves buying out three separate companies which own the properties through a privately held offshore group.
Since Pristine's market capitalisation will be significantly enlarged following the deal, Pristine suspended its shares from trading on Friday. It will move its listing from the Main Market to trading on AIM after completing the acquisition.
Pristine noted on Friday it is proceeding "as quickly as possible", but that there is no certainty of successful fundraising or acquisition.
Early Monday, Pristine released its results for the half-year that ended April 30, recording a pretax loss of GBP98,902, narrowed from GBP141,246. Pristine had a net cash balance of GBP666,564 on April 30.
The firm's shares were last quoted at 0.41 pence, giving it a market capitalisation of GBP723,260.
By Holly Munks, Alliance News reporter
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