UK SPAC PLC - cash shell formerly known as Mountfield Group - Shares in London suspended on entry of agreement to acquire European medicinal cannabis firm Hellenic Dynamics SA for GBP45.2 million in shares.
Payment is 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.
Deal is conditional on regulatory and shareholder approval at an upcoming general meeting, and the enlarged company being restored to trading on AIM before the long stop date of October 31.
"I am delighted that the company has been able to contract to acquire this extremely exciting and impressive company which has the ambition and the potential to become one of the major growers of medicinal cannabis in Europe," says Chair Peter Jay.
Current stock price: 0.21 pence
Year-to-date change: down 60%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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