UK SPAC PLC - cash shell formerly known as Mountfield Group - Company and Hellenic have agreed to extend long stop date for reverse takeover of Hellenic to January 31, 2022.
This is due to the need of gaining various legal opinions in several international jurisdictions and undertaking extended due diligence, which is expected to have an effect on the estimated completion date of the deal.
In August, UK SPAC agreed to acquire European medicinal cannabis firm Hellenic Dynamics SA for GBP45.2 million in shares.
Payment was to be satisfied by issue of up to 9.58 billion shares at a price of 0.472 pence per share at the minimum. Proposed acquisition is expected to value UK SPAC at a minimum of GBP11.8 million at the issue price.
Current stock price: 0.21 pence
Year-to-date change: down 60%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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