Bagir Group Ltd Update relating to strategic partnership (9428O)
23 May 2018 - 4:00PM
UK Regulatory
TIDMBAGR
RNS Number : 9428O
Bagir Group Ltd
23 May 2018
23 May 2018
Bagir Group Ltd.
("Bagir" or the "Company")
Update relating to strategic partnership with Shandong Ruyi
Bagir (AIM: BAGR), a designer, creator and provider of
innovative tailoring, provides an update in relation to its
proposed strategic partnership with Shandong Ruyi Technology Group
Ltd ("Shandong Ruyi"), a leading Asian global textile manufacturer,
under which Shandong Ruyi will invest $16.5 million to acquire
c.54%(1) of the Company's enlarged issued share capital. Further
details are contained in Bagir's announcement of 23 November
2017.
At the time of the final results announcement on 7 March 2018
Bagir confirmed that it had prepared the necessary shareholder
circular (the "Circular") and notice of EGM in order to approve the
full investment by Shandong Ruyi Group and was waiting for details
of the proposed directors to be nominated by Shandong Ruyi to be
provided to Bagir in order to be able to dispatch the Circular to
shareholders. Shandong Ruyi has subsequently provided details of
certain proposed directors to be nominated to Bagir's board and
Bagir remains in discussions on the exact composition of its Board
moving forwards.
At the same time, Bagir awaits Shandong Ruyi's confirmation on
certain information to be included in the Circular relating to
Shandong Ruyi as well as the confirmation of which entity within
Shandong Ruyi's group is proposed to be the shareholder in
Bagir.
Bagir looks forward to being able to update its shareholders on
the timing of when it will receive the necessary confirmations from
Shandong Ruyi so as to enable Bagir to be able to post the Circular
to shareholders. At present, there can be no guarantee on when
these confirmations will be received.
Chief Executive Officer of Bagir, Eran Itzhak, said "The desire
from both companies to complete this transaction remains unchanged,
meeting the requirements and the process associated with doing so
has taken longer than first anticipated, however, both Ruyi and
ourselves are confident we will complete this deal and that it will
prove to be a valuable and productive partnership."
(1) Approx. 51% fully diluted
For further information, please contact:
Bagir Group Ltd. via Novella Communications on:
Eran Itzhak, Chief Executive Officer +44 (0) 20 3151 7008
Udi Cohen, Chief Financial Officer
Tessa Laws, Non-Executive Chairman
N+1 Singer
Alex Price +44 (0) 20 7496 3000
Novella
Tim Robertson
Toby Andrews +44 (0) 20 3151 7008
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDQLLFLVEFEBBB
(END) Dow Jones Newswires
May 23, 2018 02:00 ET (06:00 GMT)
Bagir (LSE:BAGR)
Historical Stock Chart
From Apr 2024 to May 2024
Bagir (LSE:BAGR)
Historical Stock Chart
From May 2023 to May 2024