Spinnaker Opportunities PLC Corporate Update (6326W)
16 November 2017 - 6:00PM
UK Regulatory
TIDMSOP
RNS Number : 6326W
Spinnaker Opportunities PLC
16 November 2017
16 November 2017
Spinnaker Opportunities Plc
("Spinnaker" or "the Company")
Corporate Update
Spinnaker Opportunities Plc (LON: SOP), the standard listed cash
shell established to make a material acquisition in the energy or
industrial sectors, provides the following update on its progress
towards delivering an appropriate reverse take-over
transaction.
The Company has been introduced to numerous potential
opportunities, of which it has reviewed a small number in greater
detail. This has included desktop analysis, meetings with
management of potential target companies, initial due diligence and
consultation with brokers as to market appetite.
None has so far met the Company's stringent acquisition criteria
which, as stated at the time of its IPO, are - in an industry with
long term profit potential, opportunity for the Spinnaker team to
add value, excellent management, market appetite, and valued at
between GBP5 million and GBP30 million.
The Company continues to see a number of good quality businesses
and is confident that its strategy of being focused on sectors
where the board and its advisers have experience, together with a
highly disciplined selection process, will deliver an excellent
return for the Company's shareholders.
Of the GBP1.3 million that the Company raised at IPO, the Board
and its close associates invested over GBP500,000, including
GBP310,000 directly by the Board, who own in aggregate 27.7 per
cent. of the Company's issued share capital.
The Company's overheads are minimal, principally because the
Company's directors took the decision not to take any salaries, and
all due diligence to date has been undertaken internally at no cost
to the Company. Accordingly, as at 31 October 2017, the Company had
cash of GBP1.1 million, with no debt, and its net asset value per
share was 4.23p.
Spinnaker Chairman, Andy Morrison, commented:
"As substantial shareholders ourselves, we are totally focused
on shareholder value. This means executing a transaction that meets
our exacting criteria, and in the meantime preserving our cash. We
have kept overheads to an absolute minimum and will avoid the costs
of external due diligence unless and until we find the right
transaction. We continue to see interesting opportunities that have
the potential to generate excellent returns for our shareholders
and look forward to updating the market accordingly."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries
Spinnaker Opportunities Tel: +44 (0)7980 878
Andy Morrison, Chairman 561
Website: http://www.spinnakeropportunities.uk/
SP Angel (Financial Adviser Tel: +44 (0)20 3470
and Broker) 0470
Lindsay Mair
Caroline Rowe
Blytheweigh (Financial Tel: +44 (0)20 7138
PR) 3204
Nick Elwes
Simon Woods
About Spinnaker Opportunities
Spinnaker Opportunities (LON: SOP) is listed on the standard
list of the London Stock Exchange, led by a management team with
extensive expertise in the oil & gas/energy industries.
Spinnaker's strategy is to seek a single material acquisition with
a view to performing a Reverse Takeover to generate an attractive
capital return to its shareholders by achieving a valuation uplift
upon RTO and by selecting a target business that has significant
further value growth potential following acquisition.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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