20th Jan 2020 10:55
(Alliance News) - Sabien Technology Group PLC on Monday confirmed it is in preliminary discussions with Ptarmigan SA over a potential acquisition.
Sabien makes a boiler load optimisation control, which reduces energy consumption in the home.
It said it was confirming a media report published over the weekend. A Sunday Times report mentioned Sabien as a potential listed cash shell into which Ptarmigan may reverse.
Ptarmigan is a health and leisure resort development company based in the valley of Evolene, in the Canton of Valais, Switzerland and is owned by the Truell family, a 25% shareholder of Sabien.
"Shareholders should note that the proposed acquisition is at an early stage of discussion and subject to a number of pre-conditions and due diligence, and there can be no certainty therefore at this time that the acquisition will proceed as envisaged," Sabien added.
The company noted the deal would constitute a reverse takeover under AIM rules. As a result, Sabien's shares have been suspended from trading with immediate effect.
Sabien didn't explain on Monday the connection between its current energy business and the Ptarmigan resort business. However, back in October, Sabien said it had commenced a business review to evaluate options for broadening the company's strategic focus into the green sector, particularly in the health and medical rehabilitation destination sectors.
Shares in Sabien Technology last closed at 0.19 pence each. The shares will remain suspended until the publication of an admission document detailing the proposed transaction or the parties confirm the deal is off.
By Paul McGowan; [email protected]
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