21st Oct 2019 14:56
(Alliance News) - Rockpool Acquisitions PLC on Monday announced a potential investment in the company.
The special purpose acquisition company said it has signed heads of terms with a private investment company incorporated in Nevada. The Nevada investor and parties connected to it will make a subscription totalling GBP1.6 million for a mixture of shares and convertible loan notes.
This will comprise 2.5 million shares to be issued at a price of 12 pence each, and loan notes which will convert into a further 10.8 million shares, also priced at 12p each.
Rockpool currently has 12.7 million shares in issue.
The investors will nominate three directors to the board of the company and Neil Adair, currently a non-executive director, will step down from the board effective from the completion of the subscription.
Subject to formal agreement with the board of Greenview, Rockpool will make a further loan of GBP750,000 to Greenview Gas Ltd which will not be repayable for a period of 30 months. Rockpool said GBP910,000 of the total amount owed will be convertible into 40% of the equity of Greenview at the option of Rockpool. The Nevada investor will establish an office in Greenview's premises.
"It is currently anticipated, on completion of the subscription, Rockpool will terminate the option agreement which it entered into in relation to the acquisition of Greenview and then immediately apply to the FCA to have the suspension of its shares lifted on the basis that a particular reverse takeover is no longer in contemplation," said Rockpool.
Rockpool Chair Richard Beresford said the proposed investment is an "exciting step forward".
"Whilst the transaction remains subject to contract, the board is very excited by this development and is confident that Rockpool can bring the transaction to a successful completion on the agreed terms, which the board considers to be in the interests of all shareholders," said Beresford.
By Lucy Heming; [email protected]
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