27th Nov 2019 16:15
(Alliance News) - Rockpool Acquisitions PLC on Wednesday said that XT Energy Group Inc does not intend to make an offer for the company and instead two senior XT Energy executives will subscribe for shares in Rockpool.
Nevada-incorporated renewable energy company XT Energy earlier in November said it had entered into a letter of intent with other parties including Stanley Rumbough to effect a series of transactions, including an acquisition of Rockpool.
XT Energy, however, on Tuesday clarified that no acquisition of Rockpool was now contemplated and instead XT Energy Chief Operating Officer David Chen and Chair Jian Zhou would subscribe 2.5 million Rockpool shares at 12 pence per share through a newly incorporated company.
Chen and Zhou also expect to loan GBP1.3 million to Rockpool, according to a XT Energy statement, which said that Rumbough will make a loan as well. XT Energy didn't provide any background on Rumbough.
The subscription and loans being made by XT Energy executives relate to the previous investment announcement made by Rockpool, it said.
Rockpool, a special purpose acquisition company, in October said it had signed agreements with a private investment company incorporated in Nevada, under which the Nevada investor and other parties would invest GBP1.6 million via a mixture of share subscription and convertible loan notes.
Rockpool Acquisitions shares in London are currently suspended from trading.
By Tapan Panchal; [email protected]
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