By Ian Walker

 

Pineapple Power Corp. said Tuesday it has agreed on a preliminary all-share deal to buy Irish fund manager BVP Investments Ltd., which is classified as a reverse takeover under London Stock Exchange rules.

The London-listed cash shell said no agreement has been reached, and therefore there is no certainty the acquisition will be completed.

If any deal is agreed upon, Pineapple Power expects to raise money through an equity financing to fund future investment and working capital requirements of BVP. It will also change its name to Cool Capital PLC upon completion of any deal, the company said.

BVP, which was founded in 2001, is a fund manager that is regulated by the Central Bank of Ireland.

Any deal will need to be approved by both the Central Bank of Ireland and the U.K. Financial Conduct Authority. It is also conditional upon a number of other factors, including satisfactory due diligence and any fund raising.

Pineapple Power said that should the acquisition proceed it expects to publish documentation for its readmission to AIM during the fourth quarter of the year.

Shares have been suspended from trading as required under this type of deal.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

August 17, 2021 04:07 ET (08:07 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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