Papillon Holdings PLC Heads of Terms (4914O)
18 May 2018 - 4:00PM
UK Regulatory
TIDMPPHP
RNS Number : 4914O
Papillon Holdings PLC
18 May 2018
Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector:
Investment
18 May 2018
Papillon Holdings Plc ('Papillon' or 'the Company')
Heads of Terms
Papillon Holdings plc, the London listed investment company, is
pleased to announce that it has signed a non-binding Heads of Terms
to make an investment for 50% of the issued share capital of a
fintech company focused on the used car market, CarCloud Limited
('CarCloud' or 'the Target') ('the Investment').
The Company has terminated its discussions with Phestor Limited,
Greenway Activated Carbon Limited and Phestor Denmark as terms
could not be agreed that were satisfactory to the Company. However,
the Company retains a significant equity interest in these
companies and remains a significant creditor of them and their
principal James Thorpe. Additionally, the Company is a significant
creditor of its prior acquisition target, MyClubBetting.
CarCloud has developed innovative technology that bridges the
gap between private and retail vehicle sales and delivers
consistently high values for the user. It has an aggressive growth
strategy, utilising its unique technology to expand its offering to
an, as yet, underexploited area of the private car sale market;
currently +200,000 private cars are sold and brought every month in
the UK.
Papillon CEO Charles Tatnall said, "CarCloud will operate in the
vibrant UK private car sales market and is an exciting opportunity;
its unique technology has the potential to be a game-changer in the
sector. Naturally, we are disappointed that the previous deal not
come to fruition and would like to apologise to our shareholders;
our focus in now on rapidly expediting this acquisition and lifting
the trading suspension."
The Investment is subject, inter alia, to the completion of due
diligence, documentation and compliance with all regulatory
requirements. If it proceeds, the Investment, together with the
acquiring of the other interests made by the Company, will
constitute a fundamental change in the business of the issuer and
therefore a full information memorandum will be published in due
course contemporaneously to the anticipated return to trading of
the shares.
**ENDS**
For further information visit www.papillonholdingsplc.com or
contact the following:
Charles Tatnall Papillon Holdings info@papillonholdingsplc.com
plc
Isabel de Salis / St Brides Partners info@stbridespartners.co.uk
Juliet Earl Limited +44 (0) 20 7236 1177
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014
(MAR).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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