Last checked at 1 Jul 2019 07:00
BOSTON INTERNATIONAL HOLDINGS PLC
("BIH" or "the Company")
AGM Statement
Boston International Holdings plc, a special purpose acquisition company (SPAC) formed to undertake one or more acquisitions of target companies or businesses in the FX sector, will hold its AGM today at the offices of Hill Dickinson LLP, The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW at 10am.
At the AGM, Borden James, Chairman will make the following statement:
On 22 August 2017, BIH announced that it had entered into a non-binding letter of intent with Cornhill FX Holdings Limited ("CFXH"), a private limited company incorporated in England and Wales, in connection with the potential purchase of the entire issued share capital of that company. The proposed transaction was in accordance with the Company's stated strategy to acquire companies in the FX sector and was, inter alia, conditional on the completion of legal and financial due diligence on CFXH.
As the transaction would constitute a reverse takeover under the Listing Rules if completed and the Company was unable to provide full disclosure under Listing Rule 5.6 in relation to CFXH, BIH requested from the UKLA a suspension of its listing with effect from that date and the shares have remained suspended ever since.
Since 22 August 2017, the Company has undertaken and substantially completed due diligence on CFXH however to date it has been unable to raise the necessary capital to enable the transaction to complete. Accordingly BIH has now withdrawn from the transaction and has requested that the Company's ordinary shares are restored to the Official List by the UKLA.
The Directors will now undertake a review to determine the most appropriate future strategy for BIH and will update shareholders once this has been completed.
-ENDS-
Enquiries:
Cairn Financial Advisers
Jo Turner/David Coffman +44 20 7213 0880