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Eastbridge Inv PLC (EBIV)

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Monday 11 January, 2016

Eastbridge Inv PLC

Heads of Terms Agreed and Suspension of Shares

RNS Number : 3714L
Eastbridge Investments PLC
11 January 2016
 

Eastbridge Investments Plc

Heads of Terms for Reverse Acquisition

Suspension from Trading on AIM

11 January 2016

 

On 9 January 2015, Eastbridge Investments Plc ("Eastbridge" or "Company") held a general meeting at which the disposal of the Company's former business and adoption of a new investing policy focussed on residential property development was approved by shareholders.  Subsequently, on 30 October 2015, the Company's investing policy was changed in recognition of the increasing difficulty of securing funding to make investments.  The new policy adopted by shareholders was to invest in asset backed debt instruments and Eastbridge announced on 2 December 2015 that it made its first investment of £500,000 in a 9.85% securitisation note.

 

Under the AIM Rules for Companies, an investing company such as Eastbridge is required to either have fulfilled its investing policy or carried out a reverse acquisition within 12 months of the date upon which it became an investing company.  Given the limited financial resources available to Eastbridge, the majority of which have been invested, the Company is not considered to have fulfilled its investing policy and it has not yet completed a reverse acquisition

 

The directors of Eastbridge are pleased to announce that they have agreed terms for the acquisition of Privilege Wealth Plc ("Privilege").  Privilege has developed market-leading proprietary technology to provide and manage lines of credit and short term loans and has built and continues to grow a substantial loan book in the USA.

 

The acquisition of Privilege would constitute a reverse transaction under the AIM Rules for Companies and would be subject to approval by Eastbridge's shareholders in general meeting.  Further to the completion of Heads of Agreement on 8 January 2016, negotiation and due diligence regarding the reverse acquisition of Privilege are ongoing and the Company will make further announcements in respect of this proposed transaction in due course.

 

Accordingly, the Company's ordinary shares of no par value will be suspended from trading on AIM with effect from today.

 

For further additional information please contact:

 

Eastbridge Investments Plc

Gregory Collier

 

Tel: 07830 182501

Nominated Adviser 

Northland Capital Partners Limited

William Vandyk / Matthew Johnson

 

Tel: 020 7382 1100

Sole Broker

Peterhouse Corporate Finance Limited

Fungai Ndoro / Lucy Williams

Tel: 020 7469 0930

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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