Rockpool Acquisitions PLC Potential reverse takeover, suspension of Listing (9021W)
20 November 2017 - 6:30PM
UK Regulatory
TIDMROC
RNS Number : 9021W
Rockpool Acquisitions PLC
20 November 2017
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Press Release 20 November 2017
Rockpool Acquisitions Plc
("Rockpool" or "the Company")
Potential reverse takeover and suspension of Listing
Rockpool Acquisitions Plc, the Special Purpose Acquisition
Company ("SPAC") formed to undertake the acquisition of a company
or business headquartered or materially based in Northern Ireland,
has entered into an agreement to loan Greenview Gas Ltd
("Greenview"), a heating, gas, electrical and renewable energy
company in Northern Ireland, an initial GBP643,000 with a further
potential drawdown of up to an additional GBP150,000 payable on
31(st) March 2018. The loan, which is to be used to acquire two
businesses, will be secured by debentures over the assets of
Greenview and the two target companies.
The loan agreement provides that, on demand by Rockpool,
Greenview will procure that its shareholders grant Rockpool an
option (in agreed form) to acquire the entire share capital of
Greenview for consideration consisting of the issue of new ordinary
shares of the Company, subject to certain conditions. If that
option were to be granted, and subsequently exercised, which the
Board believes is desirable (subject to due diligence) it would
constitute a Reverse Take Over ("RTO") under the Listing Rules.
Therefore the Company has requested a suspension of its listing
pending either the issue of an announcement giving further details
of the RTO, the publication of a Prospectus, or an announcement
that the RTO is no longer in contemplation.
Mike Irvine, co-founder and Non-Executive Director of Rockpool,
said: "The loan to Greenview Gas is the first part of a potential
transaction which is intended to see Rockpool transform from a SPAC
into a fully-fledged and trading enterprise. Greenview reflects the
Board's commitment to providing value to the investor community by
observing the objectives set out at IPO stage of making an
acquisition, within twelve months, of a profitable business
headquartered in Northern Ireland, with an international outlook, a
strong management team and strong potential to grow."
Ends -
For further information:
Rockpool Acquisitions Plc
Mike Irvine, Non-Executive Tel: +44 (0)28 9044
Director 6733
Neil Adair, Non-Executive http://rockpoolacquisitions.plc.uk
Director
Richard Beresford, Non-Executive
Chairman
Shard Capital (Broker)
Damon Heath / Erik Woolgar Tel: +44 (0)20 7186
9952
Abchurch (Financial PR)
Julian Bosdet / Dylan Mark Tel: +44 (0)20 7398
/ Alejandra Campuzano 7741
Rockpool@abchurch-group.com
Notes to Editors:
Rockpool Acquisitions Plc, a Special Purpose Acquisition Company
based in Northern Ireland, whose shares have been admitted to the
Official List of the London Stock Exchange by way of a Standard
Listing, was formed to undertake the acquisition of a company or
business headquartered, or materially based in Northern Ireland
with the valuation of up to GBP20 million. Once the first
acquisition is completed, the Company may consider further
complementary acquisitions.
Rockpool will focus on targeting an acquisition with the
potential to grow to a substantial market capitalisation or, in due
course, to be attractive to an industry or financial buyer. The
objective of the Company following completion of an acquisition
will be to inject additional capital to facilitate the expansion of
that business.
The Directors are of Northern Irish origin and have over 60
years' combined experience of the local market. Between them they
have considerable industry, acquisitions, legal, public markets and
financial and operational experience, with good access to potential
targets. The Directors believe that Rockpool's ability to provide
access to significant amounts of additional capital will be the key
element in being able to attract a suitable target for acquisition.
It is likely that the acquisition, which Rockpool aims to make
within twelve months of Admission, will be treated as a Reverse
Takeover requiring the publication of a prospectus and an
application to be re-admitted to the Official List of the London
Stock Exchange.
Access to capital is a real issue for many fast-growing Northern
Ireland businesses. The Directors believe that there will be a
number of businesses attracted to the prospect of raising capital
through a listed cash-shell vehicle and will actively approach
Rockpool seeking a reverse takeover.
For more information about Rockpool, please visit
http://www.rockpoolacquisitions.plc.uk
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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