19 Jun 2018 10:02
19 June 2018
Better Capital PCC Limited 2012 Cell
Further Re: Sale of Northern Aerospace Limited
Subsequent to the announcement of 8 June 2018 regarding the disposal of Northern Aerospace Limited to Gardner Aerospace Holdings Limited (the "Disposal"), Better Capital PCC Limited (the "Company") has been informed by BECAP12 GP Limited (the "GP") that the parties have entered into a further unconditional agreement which provides for completion on 22 June 2018.
On 17 June 2018, the Secretary of State for Business, Energy and Industrial Strategy issued an intervention notice in respect of the Disposal, further to which the Competition and Markets Authority (the "CMA") issued an Initial Enforcement Order ("IEO") in respect of the Disposal on 18 June 2018. An IEO is a mechanic available to the CMA to prohibit, unless the CMA has granted a derogation, activity in respect of a merger which may prejudice the outcome of a CMA investigation.
The Company and the GP were only made aware last night in respect of the IEO and are surprised. Work has commenced to ensure that all necessary information is provided to the CMA during the course of their investigation.
The Company will make a further announcement in due course.
For further information, please contact:
Better Capital PCC Limited Norman Amey (Administrator and Company Secretary)
| +44 (0)1481 742 742 |
Numis Securities Limited Nathan Brown | +44 (0)20 7260 1000 |