Electric Guitar PLC - special purpose acquisition company focused on the digital marketing and advertising industry - Says it remains in active negotiations and advanced stages of its proposed transaction to acquire Bristol, England-based consumer data acquisition and audience engagement solutions provider 3radical Ltd, through a reverse takeover. Hopes to provide further details and put proposals to shareholders "in the coming weeks". Company entered non-binding heads of terms to acquire 3radical in early July, at which point trading in Electric Guitar shares was suspended pending completion of the proposed acquisition. It engaged advisers to assist with due diligence in late November. Should the deal not proceed, Electric Guitar will recommend to shareholders either that it is either wound up by special resolution, or continues to pursue an acquisition for a further year.
Current stock price: Suspended in London, last closed at 2.10 pence on July 7
12-month change: down 16%
By Emma Curzon, Alliance News reporter
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Electric Guitar (ELEG)