Orogen PLC Suspension, Loan and Potential Acquisition (2780G)
26 May 2017 - 4:00PM
UK Regulatory
TIDMORE
RNS Number : 2780G
Orogen PLC
26 May 2017
Orogen plc
("Orogen" or the "Company")
Loan to Thread 35 Limited and temporary suspension
Heads of terms agreed for acquisition
Potential reverse transaction of e-commerce womenswear brand
Orogen plc (AIM: ORO), the recently formed AIM Rule 15 cash
shell seeking a reverse takeover candidate, announces it has agreed
heads of terms with Thread 35 Limited ("Thread") to acquire
Thread's entire issued share capital, subject to certain conditions
and due diligence. This acquisition would constitute a reverse
transaction under the AIM Rules. Thread operates an e-commerce
womenswear brand, targeting 35-55-year-old women under the brand
name "Sosandar".
As part of the proposed transaction Orogen has made a secured
loan of up to GBP250,000 ("Loan") to Thread. The Loan is interest
free and may be drawn down in two tranches.
The first tranche of GBP100,000 may be drawn down immediately,
whilst the second tranche may only be drawn down on the condition
that letters of intent are obtained by the Company from Thread's
shareholders to accept the terms of an offer to acquire their
shares.
Temporary suspension
Consequently, the Company has requested that trading in its
shares is temporarily suspended, pending either the publication of
an admission document or until the proposed acquisition
negotiations are terminated.
Adam Reynolds, Chairman of Orogen, commented: "I am delighted
that Orogen has found an attractive acquisition opportunity so
quickly. Sosandar is operating in a market that is showing
significant growth and it has a highly motivated and experienced
management team. With added balance sheet strength I believe we
will be able to accelerate this growth opportunity, benefiting all
shareholders in the enlarged group."
Enquiries:
Orogen plc C/o Walbrook
Adam Reynolds, Non-executive Chairman
Cairn Financial Advisers LLP (Nominated
Adviser)
Sandy Jamieson / Liam Murray /
Richard Nash +44 (0) 20 7213 0880
Turner Pope Investments (TPI)
Ltd (Broker)
Ben Turner / James Pope +44 (0) 20 3621 4120
Walbrook (Public Relations and
Investor Relations)
Paul Cornelius / Paul McManus +44 (0) 20 7933 8780
About Sosander - https://www.sosandar.com/
Launched by award winning media duo, Ali Hall and Julie
Lavington, in September 2016, Sosandar is an e-commerce, womenswear
brand targeted at 35-55-year-old women, who have graduated from
younger brands like Topshop and ASOS and are frustrated by the
'frumpy', old fashioned offering of certain established brands.
Sosandar offers this under-served audience a fashionable and
affordable range of clothing, with a premium aesthetic, supported
by daily editorial content providing fashion inspiration and
advice.
Sosandar has already received coverage in major national
newspapers and magazines, from Sunday Times Style to Evening
Standard, and Marie Claire to Cosmopolitan. It has also been
featured on TV and has celebrity endorsement; including dressing
the panel and guests on ITV's biggest daytime show, Loose
Women.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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