Fragrant Prosperity Holdings Ltd Update on Intended Acquisition (0418E)
08 March 2022 - 10:55PM
UK Regulatory
TIDMFPP
RNS Number : 0418E
Fragrant Prosperity Holdings Ltd
08 March 2022
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Fragrant Prosperity Holdings Limited
("FPP" or the "Company")
Update on Intended Acquisition
Further to its statement on 24 May 2021, the Company announces
that discussions with CiiTECH about a planned reverse takeover of
the Company, (the "RTO" or "Intended Acquisition") have ceased. The
exclusivity period agreed between the parties in their letter of
intent expired on 31 October 2021, since when it has not been
possible to conclude a combination of the two businesses.
Simon Retter, Chairman, said:
"The Board will continue to evaluate potential transactions in
line with its strategy to invest in innovative technologies with
high growth potential in the fintech, health care and health care
therapeutics sectors."
Clifton Flack, Founder and CEO of CiiTECH, said:
"The transaction faced a number of challenges as we worked with
various groups of shareholders to agree a deal. Movements in equity
capital markets have been volatile, not least driven by
geopolitical uncertainty. CiiTECH has therefore decided to withdraw
from the process.
"CiiTECH continues to grow its business as its main markets
emerge from the pandemic and we implement our strategy for the
business. We remain optimistic for the future of the business and
are exploring a range of options to sustainably finance the
company.
"We thank FPP's board for its efforts and wish them every
success in pursuing other opportunities."
The company is in the process of putting a request in to the FCA
for the shares to be restored and it is expected that the Company's
ordinary shares will resume trading on the Main Market of the
London Stock Exchange in due course. In the meantime, they remain
suspended from trading.
A further announcement will be made as appropriate in due
course.
Shareholders and potential target companies should note that the
recent change to the Listing Rules announced by the FCA in December
2021 that imposed a minimum market capitalisation of GBP30m on
companies coming to the Official List does not apply to FPP in
relation to its first reverse takeover, provided that it makes a
complete submission to the FCA for an eligibility review for
listing and a prospectus review relating to that reverse takeover
which does not lapse and is not withdrawn, prior to 4pm on 1
December 2023. The Company will therefore, following a reverse
takeover, be eligible to re-list with a market capitalisation of
GBP700,000 or more provided that it meets that timeframe.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement this information is considered to
be in the public domain.
- Ends -
Enquiries
Fragrant Prosperity Holdings Limited +44 (0)20 3137
Simon Retter 1902
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END
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