(Alliance News) - Location Sciences Group PLC on Friday said it has made "significant" progress on its proposed acquisition of Sorted Holdings Ltd.
In late June, London-based location data verification company Location Sciences agreed a secured convertible bridge loan with Sorted, a leading e-commerce delivery experience platform, to lend it up to GBP2.6 million.
Location Sciences also signed exclusive non-binding heads of terms regarding a potential acquisition of Sorted by the company for GBP1. Under this deal in June, Location Sciences said it will also assume around GBP4.0 million of Sorted's outstanding debt.
Location Sciences said "significant progress" has been made and continues to be made by the company and its advisers on preparing the necessary transaction documentation for the proposed acquisition, including due diligence.
In addition, Location Sciences said both boards are continuing to work together in analysing the growth opportunities which should accrue to the enlarged business, if the proposed acquisition goes ahead.
"The proposed acquisition of Sorted is a significant step for Location Sciences and, whilst this is taking time due to the nature of the processes designed to protect all shareholders, we are delighted with the progress we have made thus far and that our advisers are continuing to work hard on the transaction to bring it to fruition," said Location Sciences Chair Simon Wilkinson.
Sorted Chief Executive Officer Carmen Carey commented: "Alongside pushing forward with the transaction, I am pleased with the important progress we have made at Sorted, including streamlining operations, expanding the customer base and increasing shipment volumes with our existing customers. This all bodes well for the future of Sorted."
Location Sciences said it will release further announcements "as and when appropriate".
Shares in Location Sciences are currently suspended.
By Greg Rosenvinge, Alliance News reporter
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