LONDON (Alliance News) - FastForward Innovations Ltd on Wednesday said that Hong Kong-listed Regent Pacific Group Ltd entered a non-binding offer to acquire Yooya for a consideration of USD15 million.
FastForward currently owns a 15% interest in Yooya, with its holding valued at USD2.3 million under the offer.
Were it to go ahead, Regent Pacific will satisfy the offer price by the issue of new shares at a price of HKD0.25.
The offer remains subject to a number of pre-conditions, including completion of due diligence, respective approvals of the Regent Pacific and Yooya boards and formal acquisition documentation to be agreed between FastForward and each of Yooya's shareholders.
FastFroward shares were trading 0.6% lower on Wednesday afternoon at 8.00 pence each.
