Hawkwing PLC - cash shell - Provides loan of GBP13.7 million to Internet Fusion Group Ltd to fund the acquisition of surf accessories and clothing brand Northcore Ltd and online sunglasses retailer Shade Ltd.
If the proposed acquisition of IFG by Hawkwing does not take place on or before March 31, 2022, the loan will carry an 8% per annum interest rate from the drawdown date and is for a three-year term.
"We are delighted to support IFG in its buy-and-build strategy and on its acquisition of Northcore and Shade Station, two businesses that expand and enhance IFG's suite of well-respected speciality e-commerce businesses. As IFG continues to expand, the investment from Marshall Wace is another strong endorsement of its business quality, its management team and their growth strategy," says Non-Executive Director Keith Sadler.
Current stock price: 6.25 pence, suspended
Year-to-date change: up 67%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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