28 Mar 2017 07:00
28 March 2017
Acorn Growth plc ("the "Company")
Possible Acquisitions
The Directors of the Company are pleased to announce that the Company has entered into letters of intent to acquire, subject to contract, several properties in Germany in accordance with its published investment strategy (the "Acquisition"). The vendors of those properties are: Dolphin Capital 112 Projekt GmbH & Co. KG; Dolphin Capital 192 Projekt GmbH & Co. KG; Dolphin Capital 126 Projekt GmbH & Co. KG; and Dolphin Capital 214 Projekt GmbH & Co. KG
The Acquisition is subject, inter alia, to the completion of due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules.
The negotiations may or may not lead to a completion of the Acquisition.
Suspension and Application for Listing
Given the size of the Acquisition, if it proceeds, it will constitute a Reverse Takeover under the Listing Rules and, accordingly, at the Company's request the listing of its ordinary shares has now been suspended
The Company is also proposing to make an offer to the public of ordinary shares ("Offer") of up to £9,000,000 with the possibility of an additional £9,000,000 pursuant to an over allotment facility.
If the Acquisition proceeds the Company will publish and send to shareholders a prospectus and circular in relation to the Acquisition and Offer and will, in due course, be making application for the enlarged Company to have its ordinary shares admitted to the standard segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange.
The Company will update shareholders as the matter progresses.
Enquiries:
Acorn Growth PLC | +44 (0)20 3755 5561 |
Keith Lassman of Howard Kennedy LLP (the company's lawyers) |
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Peterhouse Corporate Finance Limited Lucy Williams / Duncan Vasey | +44 (0) 20 7220 9797
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