RNS:RTO29 Nov 2019 07:09
Further to the announcement released on 25 September 2019, the board of Alexander announces that it is in advanced negotiations to acquire the entire issued share capital of eLight Group Holdings Limited ("eLight") (the "Proposed Transaction"). eLight is an "Energy Efficiency as a Service" company with operations in the UK and Ireland which provides commercial customers with immediate energy and cost reductions with zero upfront investment.
The Proposed Transaction will be classified as a reverse takeover pursuant to the AIM Rules and accordingly the Company's shares will be suspended from trading on AIM as of 7.30 a.m. today. Completion of the Proposed Transaction is subject to certain matters including the completion of an appropriate sale and purchase agreement ("SPA"), the approval by Alexander's shareholders ("Alexander Shareholders") at a general meeting to be convened in due course ("General Meeting"), the raising of an appropriate level of equity through a placing of approximately £3 million (the "Placing"), the grant of a Rule 9 waiver by the Takeover Panel ("Rule 9 Waiver") in respect of the proposed issue of new shares to the shareholders of eLight ("eLight Shareholders") and the admission of the share capital of the enlarged group to trading on AIM. In order to convene the General Meeting, the Company is required to publish an AIM Admission Document which will include, inter alia, information on eLight and the terms of the Proposed Transaction. It is currently expected that, should the Proposed Transaction proceed, the AIM Admission Document will be published in December 2019.
The Company also intends to seek Alexander Shareholder approval at the General Meeting for the disposal of its mineral processing technology interests comprising the assets of MetaLeach Limited as well as the entire issued share capital of MetaLeach Limited, pursuant to Rule 15 of the AIM Rules for Companies ("Disposal").
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