3rd Apr 2019 12:34
LONDON (Alliance News) - Cash shell Stranger Holdings PLC on Wednesday said it intends to acquire Airedale House Group in an all-share transaction and has terminated its acquisition of Alchemy Utilities Ltd.
Non-binding heads of terms have been signed with Airedale House, which has four trading companies that all generate revenue and operate inside the health and wellbeing sectors. The value of the acquisition has not been disclosed.
Once the acquisition is complete, Stranger's shareholders will have a minority interest in the enlarged group. The deal is conditional upon factors such as compliance with regulation and the completion of due diligence.
The acquisition will constitute a reverse takeover and will also cause a fundamental change in Stranger's business.
Stranger also revealed that it has terminated its potential acquisition of Alchemy.
On March 19, Stranger's planned acquisition of Alchemy stalled on solvency issues with Alchemy and Alchemy's refusal to provide its audited accounts to Stranger.
At that time, Stranger was in talks with its legal advisors concerning what action it should take over the GBP300,000 loan it had given to Alchemy and the GBP450,000 of costs associated with its Alchemy acquisition at that time.
Shares in Stranger are currently suspended.
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