Update on Proposed Transaction

RNS Number : 6579Q

Starcrest Education The Belt & Road

01 March 2021

 

  01 March 2021

Starcrest Education The Belt & Road Limited

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

Update on Proposed Transaction

Starcrest Education The Belt & Road Limited (LSE: OBOR ), the international developer and operator of education services in Europe, today would like to provide an update on its intention to acquire sixty per cent. of the issued share capital of The London School of Science and Technology Limited, (the "Target") (the "Proposed Transaction"), as announced on 18 September 2019.

Due to the uncertainties of the COVID-19 pandemic, it is now likely that there will be no further progression of the Proposed Transaction until after 30 June 2021. As shareholders are aware, the Government has now outlined a roadmap for the UK to come out of lockdown, which will be used in determining the timescale for the resumption of the Proposed Transaction. It should be noted that until all the due diligence has been completed, there is no certainty that the Proposed Transaction with the Target will complete.

The Company has sufficient funds, totalling £1.3m, with which it can deliver upon its strategy of capitalising on the enormous potential of the Chinese education sector and the opportunities arising from China's 'One Belt, One Road' ("OBOR") initiative. In the interim, the Company is continuing to seek acquisition targets across Europe, which will add value and support this strategy.

- Ends -

Enquires:

Starcrest Education John McLean OBE, Non-Executive Chairman	[phone]
Allenby Capital Limited (Financial Adviser and Broker) John Depasquale / James Hornigold	[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 newly formed entity has been established to seek acquisition opportunities in the international education sector. 

The Company intends to capture opportunities arising from the 'One Belt, One Road' ("OBOR") initiative, a foreign policy and economic strategy of the Chinese Government.   The term derives from the Silk Road, the ancient trade route, and encompasses the overland 'Silk Road Economic Belt' and the '21st-Century Maritime Silk Road,' concepts introduced by Chinese President Mr Xi Jinping in 2013. These are the two major axes along which China proposes to economically link Europe to China through countries across Eurasia and the Indian Ocean. The OBOR initiative also links to Africa and Oceania.

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 .

 

END

 

 

UPDJBMRTMTIMMFB