OBOR Starcrest Education Limited

TIDMOBOR

RNS Number : 7797H

Starcrest Education The Belt & Road

06 August 2021

06 August 2021

Starcrest Education The Belt & Road Limited

("Starcrest" or the "Company" or the "Group")

Proposed Acquisition of National Training Company Limited ("NTC")

Cancellation of Proposed Acquisition of The London School of Science and Technology Limited

Starcrest Education The Belt & Road Limited (LSE: OBOR), the international developer and operator of education services in Europe, is pleased to announce that it has signed non-legally binding heads of terms ("Heads of Terms") for the acquisition of up to 80% of the issued share capital of National Training Company Limited (the "Target") (the "Proposed Transaction").

The NTC group has over 200 employees and over 10 years of experience of delivering training and apprenticeships, with more than 30 programmes across various sectors of delivery. The NTC group has over 400 active clients.

Under the Heads of Terms, the Company has agreed to put options to require it to purchase the remaining 20% of the issued share capital of the Target.

The Proposed Transaction is subject to the agreement and signature by the parties to a legally binding share purchase agreement.

At the time of this announcement, the Proposed Transaction is subject to, amongst other things, legal and financial due diligence, therefore the Company is unable to provide further information at this stage about the terms of the Proposed Transaction. If the Proposed Transaction is successful, it will amount to a reverse takeover under the Listing Rules.

Since the Company is currently unable to provide detailed information on the Target, its listing will remain suspended. Listing of the Company's ordinary shares will remain suspended until such time as the Company either publishes a prospectus relating to the Proposed Transaction or submits a restoration request for approval by the FCA.

Cancellation of Proposed Acquisition of The London School of Science and Technology Limited

The Proposed Transaction follows the announcement of the Company's decision to no longer proceed with the Company's previously stated intention to acquire 60% of the issued share capital of The London School of Science and Technology Limited ("LSST"), a private management school that offers an open and inclusive education experience in London and the midlands, as announced on 18 September 2019.

Uncertainties as a result of the COVID-19 pandemic were a major contributory factor behind the Company's decision to no longer proceed with acquiring LSST.

Costs relating to the due diligence of the proposed acquisition of LSST amounted to GBP1.2m and have been written off by the Company.

The Company's funds as of 30 June 2021 totalled GBP700,000.

The Company will continue to update the market as and when appropriate.

- Ends -

Enquiries:

 
  Starcrest Education 
   John McLean OBE, Non-Executive Chairman       +44 (0) 7768 031454 
  Allenby Capital Limited (Financial 
   Adviser and Broker) 
   John Depasquale 
   Vivek Bhardwaj                                +44 (0) 20 3328 5657 
  Yellow Jersey PR (Financial PR) 
   Sarah Hollins 
   Henry Wilkinson                               +44 (0) 20 3004 9512 
 

Notes to editors:

Starcrest is an international developer and operator of education services in Europe. The newly formed entity has been established to seek acquisition opportunities in the international education sector.

The Company intends to capture opportunities arising from the 'One Belt, One Road' ("OBOR") initiative, a foreign policy and economic strategy of the Chinese Government. The term derives from the Silk Road, the ancient trade route, and encompasses the overland 'Silk Road Economic Belt' and the '21st-Century Maritime Silk Road,' concepts introduced by Chinese President Mr Xi Jinping in 2013. These are the two major axes along which China proposes to economically link Europe to China through countries across Eurasia and the Indian Ocean. The OBOR initiative also links to Africa and Oceania.

The 14th Five-Year Plan (2021-25) period has committed the Chinese government to boost the development of vocational education. The Company aims to help in this transition through acquisitions of UK training providers to help increase the number of skilled workers in the OBOR jobs market.

Starcrest listed on the Main Market of the London Stock Exchange on 31 January 2019 under the ticker symbol (LSE: OBOR). Further information can be found on the Company's website at https://www.starcresteducation.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQGZGGRGKLGMZZ

(END) Dow Jones Newswires

August 06, 2021 02:00 ET (06:00 GMT)

Starcrest Education (LSE:OBOR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024

Starcrest Education (LSE:OBOR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024