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14 Dec 2015 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR RELEASE - 7am 14 December 2015
14 December 2015
Opera Investments plc (the "Company")
Update on Potential Acquisition (the "Acquisition") of SoloPower Systems Holdings, Inc. ("SoloPower")
The Company announced on 28 October 2015 that the transaction documentation for the Acquisition was largely complete and the Company and SoloPower were therefore commencing the process of investor meetings to raise the equity financing necessary to fund certain future investment and working capital requirements of SoloPower, as referenced in the announcement of 20 July 2015. The Company confirms that significant progress has been made towards raising the required financing, however the process is on-going.
The fundraising process is not now expected to be finalised until early in 2016, at which point the Company will present the Acquisition and financing proposals to its shareholders for approval. The Company's ordinary shares will remain suspended from trading during this time as a result of the Acquisition representing a reverse takeover under the UK Listing Authority's Listing Rules.
Despite this delay in completing the Acquisition and the on-going requirement for the continued suspension of trading, the Company's Board remains convinced that SoloPower represents an attractive acquisition target offering significant value for shareholders. Every effort is being made to complete the transaction as soon as possible in the New Year.
Shareholders should note that there remain a number of matters that the Acquisition is conditional upon to be successfully completed in due course.
Further announcements in relation to the Acquisition will be made as soon as appropriate.
Enquiries:
Opera Investments plc, Paul Dudley, Tel: +44 (0) 20 3551 4872
Buchanan (PR), Ben Romney/Bobby Morse, Tel: +44 (0) 20 7466 5000
This announcement has been issued by and is the sole responsibility of Opera.
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