Cancellation of Proposed Acquisition

RNS Number : 2068V

Starcrest Education Limited

10 December 2021

 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

10 December 2021

Starcrest Education Limited

("Starcrest" or the "Company" or the "Group")

Cancellation of Proposed Acquisition of National Training Company Limited ("NTC")

Restoration of Trading

Starcrest Education Limited (LSE: OBOR), the international developer and operator of education services in Europe, announces the cancellation of its intended acquisition of National Training Company Limited ("NTC"), as initially announced on 6 August 2021 (together the "Proposed Transaction").

The non-legally binding heads of terms ("Heads of Terms") signed by the Company comprised the acquisition of up to 80% of the issued share capital of NTC and put options to require it to purchase the remaining 20% of NTC's issued share capital, which would amount to a reverse takeover under the Listing Rules.

On 6 August 2021, at the time of the announcement, the Directors considered NTC to be an excellent opportunity for the Company and they still do, however, due to current market conditions, the Company is no longer able to proceed with the reverse takeover.  

The Company's funds as of 9 December 2021 totalled £70,000. On 28 September 2021, the Company announced, inter alia, that it has received a letter of support confirming that up to a further £500,000 is available from its parent company, Starcrest Education Management Company Ltd, in the event the Proposed Transaction does not proceed. In this regard, the Company has now requested funds from Starcrest Education Management Limited to support the Company while it determines its ongoing strategy as a listed company.

Restoration of trading

In light of the discussions relating to the Proposed Transaction ceasing, the suspension of the Company's Ordinary Shares from trading on the Standard Listing segment of the Official List of the UK Listing Authority will be lifted. Trading in the Company's shares is expected to commence today, 10 December 2021.

Further updates will be provided in due course, as necessary.

- Ends -

Enquiries:

Starcrest Education John McLean OBE, Non-Executive Chairman	[phone]
Allenby Capital Limited (Financial Adviser and Broker) John Depasquale Vivek Bhardwaj	[phone]
Yellow Jersey PR (Financial PR) Sarah Hollins Henry Wilkinson	[phone]

Notes to editors:

Starcrest is an international developer and operator of education services in Europe. The Company was established to seek acquisition opportunities in the international education sector and to provide premier education services and products in the UK and to countries in Europe. 

Starcrest listed on the Main Market of the London Stock Exchange on 31 January 2019 under the ticker symbol (LSE: OBOR). Further information can be found on the Company's website at  https://www.starcresteducation.com .

 

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