Baskerville Capital PLC Investment, Proposed Acquisition and Suspension (9253A)
27 Enero 2020 - 1:30AM
UK Regulatory
TIDMBASK
RNS Number : 9253A
Baskerville Capital PLC
27 January 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain
BASKERVILLE CAPITAL PLC
("Baskerville" or the "Company")
Investment, Proposed Acquisition and Suspension of Listing
Baskerville is pleased to announce the completion of the
acquisition of a 7.83% shareholding in Oberon Investments Limited
("Oberon") for GBP850,640 in cash ("Investment"), together with a
commitment to subscribe for a further GBP350,945 worth of Oberon
shares by no later than 30 April 2020.
Oberon is the holding company of MD Barnard & Co Limited
(trading as Oberon Investments), an FCA regulated fund manager, see
www.oberoninvestments.com. The Investment has been made by
Baskerville to assist Oberon in funding and accelerating its
acquisition strategy.
In addition to the Investment, Baskerville and Oberon have
entered into non-legally binding heads of agreement providing for
the acquisition by Baskerville of the entire issued share capital
of Oberon not already owned by it ("Proposed Acquisition"). The
purchase price of the Proposed Acquisition will be satisfied by the
allotment and issue to the sellers of Oberon of new ordinary shares
in Baskerville.
The Proposed Acquisition is subject to legal, financial and
other due diligence and entry into a legally binding agreement. As
no binding agreement has been reached, the Company cannot guarantee
that the Proposed Acquisition will complete.
On completion of the Proposed Acquisition, it is the Company's
intention to seek admission to trading on the NEX Exchange Growth
Market ("NEX") although the Company reserves the option to apply
for re-admission to the Standard segment of the Main Market or to
AIM.
As Baskerville is a cash shell, the Investment is deemed to be a
reverse takeover under the Listing Rules. Where a reverse takeover
is contemplated but has not been completed, the FCA will normally
suspend a company's listing pending the publication of a prospectus
and then cancel the existing listing on completion of the reverse
ahead of a new listing. The Company has requested from the FCA a
suspension of its listing with immediate effect.
The Company is working to complete the Proposed Acquisition as
soon as possible, together with an application to NEX.
Rodger Sargent, Chairman of Baskerville said: "Oberon has made
tremendous progress in the last two years. We are delighted to
become part of their success, with this initial investment and
agreement to acquire Oberon.
"We believe Oberon can consolidate the booming yet disparate and
fragmented UK small fund manager market. Becoming a quoted entity
through this reverse acquisition will give Oberon access to the
capital markets, accelerating its ambitions of becoming one of the
UK's pre-eminent small fund managers.
"We will update as soon as possible with developments of the
Proposed Acquisition and re-listing, which we aim to complete by
early Q2 2020."
For information please contact:
Rodger Sargent
via Walbrook PR
Walbrook PR Ltd
Tel: 020 7933 8780 or baskerville@walbrookpr.com
Nick Rome
Tom Cooper
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END
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(END) Dow Jones Newswires
January 27, 2020 02:30 ET (07:30 GMT)