Ridgecrest PLC - cash shell - Enters into non-binding heads of agreement with Cristian Rada to buy Airline Invest SA and its wholly owned subsidiaries, Blue Air Aviation SA and Blue Air Technic SRL.
Cristian Rada and his brother are the sole shareholders of Airline Invest, company notes.
Blue Air is a Romanian low-cost airline headquartered in Bucharest, with its base at Henri Coanda International Airport, and with operations at Turin airport, Italy.
Notes shares suspended as deal is reverse takeover. Plans placing to complete the deal.
Company adds: "The consideration payable in respect of the proposed transaction is proposed to be satisfied entirely by the issue to Cristian Rada and his brother of 9.02 billion new shares in the company comprising, immediately thereafter, about 95% of the company's current issued share capital.
"It is also intended that the company will carry out an appropriate share consolidation or share subdivision simultaneously with completion of the proposed transaction. Upon completion, Ridgecrest's name would be changed to Blue Air Group PLC."
Current stock price: 1.10 pence
Year-to-date change: flat
By Paul McGowan; paulmcgowan@alliancenews.com
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