Proposed acquisitions & issue of shares at 17p

RNS Number : 9871B

Acorn Growth PLC

07 April 2017

 

7 April 2017

Acorn Growth Plc

("Acorn" or the "Company")

Proposed acquisitions and issue of shares at 17p per share

The directors of the Company (the "Directors") announced on 28 March 2017 that the Company had entered into letters of intent to acquire, subject to contract, several properties in Germany (the "Properties") in accordance with its published investment strategy (the "Acquisition").  The vendors of those properties (the "Vendors") are: Dolphin Capital 112 Projekt GmbH & Co. KG; Dolphin Capital 192 Projekt GmbH & Co. KG; Dolphin Capital 126 Projekt GmbH & Co. KG; and Dolphin Capital 214 Projekt GmbH & Co. KG.

The Company has now established special purchase vehicles (being German limited partnerships that are ultimately wholly owned by the Company) to acquire the Properties.  The Directors are pleased to announce that these special purpose vehicles have also now entered into conditional purchase agreements in respect of the Properties. 

The Company has agreed with the Vendors that the consideration payable for the Properties under each conditional purchase agreement will be satisfied by the issue of new ordinary shares in the Company at a price of 17p per share (the "Consideration Shares").  Completion of the Acquisition is conditional upon, inter alia, the admission of the Consideration Shares.  The Company has convened a shareholder general meeting (the "General Meeting") to be held at No. 1, London Bridge, London SE1 9BG at 10.00am on 24 April 2017 at which resolutions will be put to the Company's shareholders to approve, inter alia, the issue of further shares in the Company, including the Consideration Shares.

Enquiries:

Acorn Growth PLC Keith Lassman of Howard Kennedy LLP (the Company's lawyers)	[phone]
Peterhouse Corporate Finance Limited Lucy Williams / Duncan Vasey	[phone]

 

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