Shell and Name Change11 Mar 2019 09:47
From the latest placing RNS. It looks like those restructuring want to benefit too...
"In addition to the Placing, two non-executive directors, John Treacy and Jonathan Freeman have conditionally subscribed for a further 240,000,000 new ordinary shares (the "Director Subscription Shares") at the Placing Price, subject only to the passing of resolutions granting the Directors authority to issue and allot new ordinary shares otherwise than on a non-pre-emptive basis to be put to shareholders of the Company at the to be convened general meeting, details of which are set out below."
Company to become cash shell:
"Further to the announcement of 30 January 2019, the Company confirms that it will shortly be convening a general meeting of the Company (the "GM") to seek shareholder approval for the Company to become an AIM Rule 15 Cash Shell and will be publishing a circular with respect to the GM in due course. The Board will set out in this circular its intended plan once the Company becomes an AIM Rule 15 Cash Shell."
Company to then change name:
"In keeping with the new strategy of the Company, it is proposed that the Company's name be changed to Bould Opportunities plc, conditional on Shareholder approval at the General Meeting."
Already met with acquisition targets:
The Company has already met with a number of promising potential acquisition targets and, whilst no guarantees can ever be made to the execution of a successful reverse takeover, it is the Board's intent to identify and execute a reverse takeover in all prudent haste. The net proceeds of the Placing and the subscription of the Director Subscription Shares will be used to enable due diligence on its acquisition targets."
Why buy 20 percent of the firm if you arent taking it over? Why propose a name change... Seems all lined up to me... DYOR and all that...