Pineapple Power Agrees on Preliminary Reverse-Takeover Deal With Irish Fund Manager
17 Agosto 2021 - 3:13AM
Noticias Dow Jones
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)
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