Braveheart Investment Group plc Discussions to buy remaining shares of Paraytec (6813M)
18 Septiembre 2019 - 1:00AM
UK Regulatory
TIDMBRH
RNS Number : 6813M
Braveheart Investment Group plc
18 September 2019
This announcement contains inside information as stipulated
under the Market Abuse Regulation (EU) No. 596/2014 and is in
accordance with the Company's obligations under Article 17 of that
Regulation. Upon the publication of this announcement, the inside
information is considered to be in the public domain.
18 September 2019
Braveheart Investment Group plc
("Braveheart" or the "Company")
Discussions to purchase the remaining share capital of Paraytec
Limited
Braveheart Investment Group plc (AIM: BRH), the fund management
and strategic investor Group, announces that Braveheart has made a
private offer to the shareholders of Paraytec Limited ("Paraytec")
to acquire the remaining issued share capital of Paraytec not
currently owned by Braveheart (the "Offer"). If the shareholders of
Paraytec accept the Offer, Braveheart will own the entire issued
share capital of Paraytec.
Based on full acceptance of the Offer, it will be satisfied by
the issue to Paraytec shareholders of 995,191 new ordinary shares
in Braveheart (the "Consideration Shares"). The Consideration
Shares have an aggregate value of GBP111,652, based on the volume
weighted average price of a Braveheart ordinary share calculated
for the period 1 July 2019 to 31 August 2019. If issued, the
Consideration Shares will rank pari passu in all respects with the
Company's existing ordinary shares. Application will be made to the
London Stock Exchange for admission to trading on the AIM market
for any Consideration Shares issued.
In accordance with Article 12 of the Articles of Association of
Paraytec, accepting shareholders will also be required to approve a
Drag-Along Right. If more than 75 per cent., but less than 100 per
cent., of the holders of each ordinary share agree to sell their
shares, the Drag-Along Right will be used to require all remaining
shareholders to sell their shares at the same price.
The Offer is open for acceptance by shareholders of Paraytec
until 5pm on Monday 30 September 2019, after which the Offer will
lapse.
Paraytec develops high performance specialist detectors for the
analytical and life sciences instrumentation market. Based in York,
Paraytec has developed and patented its innovative ActiPix(TM)
technology for optical imaging and absorbance measurements of fluid
samples flowing in capillaries or fluid flow cuvettes. Braveheart
currently owns 56 per cent. of the issued share capital of
Paraytec.
A further announcement will be made in due course.
For further information:
Braveheart Investment Group plc Tel: 01738 587555
Viv Hallam, Executive Director
Allenby Capital Limited (Nominated Adviser Tel: 020 3328
and Joint Broker) 5656
David Worlidge / Nicholas Chambers
Peterhouse Capital Limited (Joint Broker) Tel: 020 7469
0936
Heena Karani / Lucy Williams
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END
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September 18, 2019 02:00 ET (06:00 GMT)
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