Last checked at 22 Aug 2017 07:31
22 August 2017
BOSTON INTERNATIONAL HOLDINGS PLC
("BIH" or "the Company")
Proposed Acquisition and Suspension of Listing
The Board of BIH is pleased to confirm that it intends to enter into a non-binding letter of intent with Cornhill FX Holdings Limited ("the Target"), 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 is in accordance with the Company's stated strategy to acquire companies in the FX sector and is, inter alia, conditional on the completion of legal and financial due diligence on the Target.
If completed, the transaction would constitute a reverse takeover under the Listing Rules. As the Company is currently unable to provide full disclosure under Listing Rule 5.6 in relation to the Target, it has requested from the UKLA a suspension of its listing with immediate effect. Listing of the Company's ordinary shares will remain suspended until such time as a prospectus is published in relation to the proposed acquisition or the Company announces that the discussions have been terminated.
No binding agreement has been reached and, accordingly, the directors of BIH cannot guarantee that the proposed transaction will complete or provide any indication of a likely completion date.
-ENDS-
BIH is a special purpose acquisition company ("SPAC") listed on the standard segment of the official list, with shares traded on the main market of the London Stock Exchange. BIH is seeking to acquire a business operating in the foreign exchange ("FX") sector. Following the acquisition, BIH intends to seek re-admission its shares to the standard segment of the Official List.
Enquiries:
Yellow Jersey PR Limited (Financial PR)
Charles Goodwin / Joe Burgess
Tel: +44 20 3735 8825
Cornhill Capital Limited (Broker)
Nick Bealer
+44 20 3700 2500