Update on Greenview Gas potential acquisition

RNS Number : 4445P

Rockpool Acquisitions PLC

10 October 2019

 

Press release

10 October 2019

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. 

Rockpool Acquisitions Plc

("Rockpool" or "the Company")

Acquisition of Greenview Gas Limited ("Greenview") and Publication of Accounts 

Rockpool, the special purpose acquisition company, announced on 30 January 2019 that, following the successful completion of the acquisition by Greenview of Central Heating Services Limited ("CHS"), it intended shortly to instruct its professional advisers to undertake further due diligence and commence the preparation of the documentation to enable the completion of the acquisition of Greenview as well as a prospectus to enable the Company's shares to be re-admitted to the Official List immediately following such completion.  

Due to unexpectedly poor financial performance in CHS, Greenview has taken the decision to implement a restructuring plan in that company and its subsidiary.  As a result, the Board of Rockpool has decided not to progress with the acquisition of Greenview at this time and, as a result, will not be progressing with the preparation of a prospectus, in relation to a Reverse Take Over of Greenview, for the re-admission of the Company's shares to the Official List until such time as the results of the abovementioned restructuring plan have been more fully realised.  

The publication of Rockpool's accounts for the year ended 31 March 2019 has been delayed whilst the Company obtained further information from Greenview regarding its financial position and the results achieved by its restructuring plan to date.  That information has now been received and it confirms that the results of the restructuring to date are positive, and Rockpool therefore expects to be able to announce its results to the market within the next seven to ten days. 

For further information, please contact:

Rockpool Acquisitions Plc
Mike Irvine, Non-Executive Director	Tel: [phone]
Neil Adair, Non-Executive Director	http://rockpoolacquisitions.plc.uk
Richard Beresford, Non-Executive Chairman

Shard Capital (Broker)
Damon Heath / Erik Woolgar	Tel: [phone]

Abchurch (Financial PR)
Julian Bosdet	Tel: [phone]
	[e-mail]

 Notes to Editors:

Rockpool Acquisitions Plc ("Rockpool"), 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.  Once the first acquisition is completed, the  Company may consider further complementary acquisitions.  

Rockpool announced on 20 November 2017 that it had entered into a loan agreement with  Greenview Gas Ltd (Greenview) to finance the acquisition of two businesses in the air conditioning  and the electrical and mechanical installation, maintenance and facilities management sectors and it  included the right to an option to acquire the entire share capital of Greenview and if the option  were to be granted and exercised it would constitute a Reverse Take Over (RTO).   That option was entered into in January 2019.

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.

 For more information about Rockpool, please visit www.rockpoolacquisitions.plc.uk

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